Our very first open letter, and it’s about Bitcoin. You can scroll to the bottom for some exciting news if you’re crunched for time.
We’ve had a lot of fun this year on the blog, doing everything from lightly bullying Isaac Newton to learning about Bitcoin through a truly bizarre love story (IYKYK, it’s fine).
Today we want to discuss something more serious with you, so please bear with us.
It’s very important to our team—from the executive level, to legal, to our dev team and everyone in between—that we are creating a product, and knowledge, that is helping Canadians in a very specific way.
We want you to build wealth.
We want you to build wealth for the simple reason that when money isn’t a concern—or, better yet, when you’ve got cash to spare—you can live your best life. We’re not advocating frivolous riches. We’re advocating for a narrowing of the wealth gap; we’re advocating for comfort and security for all Canadians. (Though, more of us have millionaire potential than you’d think, and we think you can probably get there too… But that’s a conversation for another open letter.)1
The challenge is that all of us come from very different circumstances; we all have very different means. So how can we create a product, or facilitate a kind of learning, that serves everyone?
We’ve racked our own brains to figure out how we can best help the most people meet their financial goals. And we’ve landed on one potent market player: Bitcoin.
Hear us out. Everyone that rolls their eyes and closes this window could be missing out on an opportunity. It’s okay if you decide that ultimately, that you aren’t interested in Bitcoin. But our point with this open letter is to show that Bitcoin could be for all Canadians. We believe that every single Canadian should consider Bitcoin.
To clarify, we don’t think you should sink your life savings into the BTC market. We don’t think BTC should be your primary mode of wealth accumulation. It’s too risky.
But. We do think that buying Bitcoin could meaningfully contribute to the wealth of all Canadians.
Why? Because Bitcoin, in our opinion, isn’t going anywhere. Now, some people (like Vince Martin at Yahoo) believe Bitcoin is in for another crash. But some experts believe that it’s going to continue performing, and growing with the market, over the next several years. You should do your own research, but our optimism in Bitcoin is supported by materials like this Nasdaq article which predicts BTC will hit $100,000 in 2021.2
That article continues, “for its use case, Bitcoin is very early on its adoption curve.” This means, it’s possible that we ain’t seen nothing yet. “For it just to reach the same size as the gold market, Bitcoin will have to grow by 30 times.”2
This is why we think all Canadians should consider having Bitcoin. We think the market is only going to continue to grow. And if you can add investments in BTC to your financial plan, it could add to your wealth. It’s important we state plainly that Bitcoin could feasibly fall to zero; that’s the nature of speculative assets. Never, ever invest more than you could afford to lose.
Our goal is to make you rich, and we think BTC could help. It’s not just for the very online. Bitcoin can be for you, for us, even for our parents, and certainly for Gen Z (those guys seem like they’d be all about it).
Whaddya say? Are you in?
The Mogo Fam
CitedThis blog is provided for informational purposes only, is not intended as investment advice, and is not meant to suggest that a particular investment or strategy is suitable for any particular investor. Always do your research before making any investment. If you’re unsure about an investment, including bitcoin, you may wish to obtain advice from a qualified professional. Nothing herein should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Buying and selling bitcoin is risky and you may suffer huge losses. The price of bitcoin is highly volatile and speculative and so you should never invest more in bitcoin than you can afford to lose. It’s also important to remember that past performance is no guarantee of future results.
1 - “Setting Your Sights High Early Is Key to Retiring with Comfort.” Mogo Blog | Mogo, 5 Mar. 2021, https://blog.mogo.ca/one-million-dollars-is-a-reasonable-goal/.
2 - This article was written by a representative of Bitcoin Magazine, and while we respect the data he references, we should also note this is a biased account. Be sure to do your own research on Bitcoin. NASDAQ.com. Bitcoin Will Rise Above $100,000 In 2021. Bitcoin Magazine. Accessed March 7 2020. https://www.nasdaq.com/articles/bitcoin-will-rise-above-%24100000-in-2021-2021-01-01.
3 - You will receive a $20 incentive for each person that successfully passes Mogo’s security and identity verification process and becomes a MogoMember using the unique referral link available through your MogoAccount or in this email. If you are eligible for MogoCrypto, then your incentive will be deposited to your MogoCrypto within 48 hours of such an individual becoming a MogoMember. If you are not eligible for MogoCrypto, then Mogo will send the incentive to you via Interac e-Transfer using the email address associated with your MogoAccount within 30 days of such an individual becoming a MogoMember. You will not be eligible for any incentives if you are in default of any of your obligations to Mogo or in violation of the MogoAccount or any other Mogo Terms and Conditions. You will not be eligible to receive any incentives if you are found to have violated Canada’s Anti-Spam Legislation or used any other improper method of obtaining referrals. Each person that you refer to Mogo that is eligible for MogoCrypto will receive a one-time $20 incentive deposited to their MogoCrypto Account within 48 hours after they have read and agreed to the MogoCrypto terms and conditions. All incentives deposited to MogoCrypto are subject to a 2 week withdraw hold period. Mogo reserves the right to change or terminate this offer at any time without notice in its sole discretion.
* Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). Cashback is a component of Mogo’s Rewards program. All Cashback will be deposited to your Bitcoin & Rewards account (formerly MogoCrypto). To be eligible to earn the 1% Cashback Reward on Canadian purchase or 2% Cashback Reward on foreign purchases, you must have: (i) referred a friend or family member that has become a MogoMember (including by passing Mogo’s identity verification process) using your unique referral link; (ii) activated your Bitcoin & Rewards (MogoCrypto) account; (iii) been eligible for and ordered your MogoCard (the “Cashback Eligibility Criteria”). If you meet the Cashback Eligibility Criteria on February 1, 2021, then you will be eligible to earn a cash reward equal to 1% of the total amount of the purchases that you made on your MogoCard in January 2021. Thereafter, if you meet the Cashback Eligibility Criteria on the first day of each calendar month, you will earn cashback rewards in an amount of 1% of the total amount of the purchases that you made on your MogoCard in the preceding month. Additional terms apply. References to “Rewards” in this disclaimer include Cashback. To participate in the Bitcoin & Rewards program you must be an eligible MogoMember in good standing who has activated MogoCrypto and has the Mogo app on an iOS or Android device. All Rewards are awarded in Canadian currency and will be deposited to a MogoMember’s Bitcoin & Rewards Account within 30 days of earning such Reward. All Rewards will be subject to a two-week withdraw hold period. All decisions by Mogo regarding eligibility, a particular Reward or any other matters respecting Rewards are final and binding. Mogo will not be responsible for any technical or other impediments which may delay or prevent the delivery of any Reward to you. All Rewards are subject to the eligibility requirements and other terms set out in the MogoAccount Terms and Conditions, which may be changed or terminated at any time without notice, for more information see: https://www.mogo.ca/terms-and-conditions. Please note that we will convert any transactions made in a foreign currency to Canadian dollars using a Visa conversion rate in effect on the day the transaction is posted to your Mogo Platinum Prepaid Visa Card. The Visa conversion rate in effect on the posting date may differ from the rate in effect on the date of the transaction. The Visa conversion rate is the rate we pay to Visa plus a foreign exchange service charge of 2.5%.