You probably know by now, but Bitcoin has once AGAIN reached a new record high, breaking through $68,000 (£50,000) as of 9th Nov 2021. Commentators believe its price is riding a wave of renewed momentum boosted by inflation fears, driving this year-on-year increase of more than 300% from last November’s value.
In fact, just five years ago, a single Bitcoin was worth about $700. Mainstream adoption of Bitcoin is gaining pace leading the biggest US investment bank JPMorgan to forecast that Bitcoin could rally as high as $146,000 in the long run, as it develops institutional credibility to compete with gold as an alternative store of value.
At Mode, we believe Bitcoin is the future. Similar to the Amazon of the e-commerce world, we believe that it will be at the center of all financial activity for the next two to three decades.
With more participants in Bitcoin, there is less volatility, which is in turn attracting more retail and institutional investors and further promoting its stability. Coupled with its scarcity, many lead market commentators (and us at Mode!) believe that the price of Bitcoin will continue to rally up over the coming months and years 👀
We also believe that a number of obstacles remain which are slowing the adoption of the cryptocurrency and deterring cautious people from buying into Bitcoin. In fact, one of the top reasons for not buying into cryptocurrencies was ‘not knowing where to start.’ Other customers are said to be deterred by the fees associated with trading Bitcoin, which can be as high as 4.99%. That means if you spend £1,000 on Bitcoin, the fee you could pay with other exchanges could be £50.
Our goal is to remove barriers associated with Bitcoin, and ensure we’re making it more appealing for new and existing Bitcoin holders, to confidently enter the Bitcoin world and maximise their Bitcoin holdings. We’ve already made our app as simple as black and white, so that even those new to Bitcoin can intuitively navigate their way around. We’re also playing our part in reducing carbon emissions, so that our users can grow their Bitcoin, without harming the environment. Now, we’re turning our attention to the fees! 👀
For cryptocurrency investors who trade frequently or in large sums, 0% fee transactions can save huge costs, and we have understood the elimination of fees may incentivise newbies to take the first step into the market. Mode is taking this critical time to tap into the growing Bitcoin market, and expand it.
💰 From now until December 31, we’re scrapping our trading fees so that people can buy and add to their Bitcoin holding for less this Christmas. We're scrapping our 0.99% rate and offering our users 0% trading fees* when they buy and sell Bitcoin 💰
But that’s not all! Remember you can also supercharge your shopping experience through our innovative Bitcoin Cashback feature, that allows you to earn Bitcoin, simply by paying with Mode at our partner brands 😀
For more information on our 0% fees campaign, check out our FAQs, reach out to our customer support team at firstname.lastname@example.org or get in touch via the in-app chat.
Bitcoin is not a specified investment under the Financial Services and Markets Act 2000 (FSMA). If you have reason to complain, your complaint will not be within the jurisdiction of the Financial Ombudsman Service (FOS). Your capital is not protected under the Financial Services Compensation Scheme (FSCS).
The risk of loss in trading or holding Bitcoin can be substantial. As with any asset, the value of Bitcoin can go up or down (and can even drop to zero), may be very volatile and there can be a substantial risk that you lose money.
Please also note that to facilitate this offer, we've updated the fees clause in our Terms of Service.