You Can Earn 6%, 8%, Even 12% on a Bitcoin ‘Savings Account’—Yeah, Right – The Wall Street Journal

You Can Earn 6%, 8%, Even 12% on a Bitcoin ‘Savings Account’—Yeah, Right – The Wall Street Journal

Investing for income in today’s markets is like slogging across the Sahara looking for a cold drink.

With bank savings accounts yielding around 0.04% annually, based on the national average, it would take more than a millennium for your money to double. No wonder so many investors are desperately searching for yield.

Some are even going so far as to consider websites and apps that urge you to buy and lend out the world’s hottest asset: digital currencies like bitcoin and ether.

Cryptocurrency trading platforms will pay you 6%, 8%, even 12% or more, on what some of them call “savings accounts.”

From that name, you might think these are much the same as deposits at a conventional bank. They aren’t.