Somehow merely dropping the word “bitcoin” makes some people believe they have a business model. Blockrize doesn’t yet have a bank issuing partner. And the company’s founder only just “started investing his own savings in cryptocurrency in September.”
They hope the credit card will also serve as a cryptocurrency wallet, and that the tax treatment of bitcoin and ethereum will be worked out eventually. On the one had these are rebates and shouldn’t be taxed, on the other hand moving bitcoin from Blockrize to the consumer could be a taxable transaction (capital gain on the sale of the bitcoin access at the point it’s transferred).
And at the end of the day this is really just a proposed 1% rebate card. So other than people easily distracted by shiny objects, there really shouldn’t be much of a market for it.
Indeed the no annual fee Citi Double Cash Card is now even offered with a signup bonus of $100 after $500 in purchases within 3 months.