I have been excited to see the price of MCO, the Crypto.com token used for its debit card cash back rewards, go down. As of this writing, it is sitting at about $4.10 and inching down. I have some other cryptos locked up in Earn that will be available in the next few weeks. I think will be trading them in for MCO.
During the big dump in March, I took advantage and was able to get MCO below the $3 price. I had to borrow a little to reach the 500 MCO level to upgrade my card to the Royal Indigo. The stimulus check helped pay that back.
I don't have enough other crypto to get me to the 5000 MCO card, the Icy White. However, I can make some progress while the price is depressed. At today's prices, an additional 4500 MCO would cost $18,450. At $3.50 MCO, it would cost $15,750. And, if MCO reaches $3.00, reaching Icy White would cost $13,500.
These are significant savings. But, I don't have to reach 5000 MCO right away. Once I get another 450 MCO, I can send it to Mrs. TWM so she can order the Jade Green card. Then we both can visit airport lounges once we are able to travel again. After that, I can take my time to reach 5000 MCO. Small buys and regular cash back will get me there.
I expect MCO to drop in price because there currently is limited utility given that Wirecard is having financial problems. This limits the utility of the card for thousands of users. There is no point staking MCO if there is no benefit. So, I expect many people to move out of MCO and into other positions.
I have made my peace with not attempting to trade. I'm leaving all my crypto positions and focusing on building on MCO for long-term gains and card perks. I will also be focusing on Hive. The thinking is that Hive offers a greater opportunity to build my position with some sweat equity and small investments over time (DCA). And, some day I will want to spend some of my earnings. I want to have somewhere to send those earnings for spending, which is where Crypto.com comes into play. Perhaps someday Crypto.com will have Hive or HBD as wallet options.
Risks to this whole plan are that Crypto.com changes their card rewards, make it less worthwhile to hold MCO. Another risk is if Hive fails to thrive over the next 20 years. Then there is always the danger that Government will raise its hackles and make it illegal or extremely expensive to deal with crypto. I have other retirement plans, so this is extra.
Posted Using LeoFinance