That’s why I buy MCO Tokens from Crypto.com
Those who have the Crypto.com App installed on their smartphone have access to a wide range of functions in the area of crypto currencies, Fiat money and payments by Visa card.
The company Crypto.com has 2 own crypto currencies, namely CRO and MCO. In the last few weeks I have more or less stocked up on CRO, but in the next weeks and months I will buy MCO Token in addition.
What is CRO?
CRO is the second crypto currency of Crypto.com and is primarily required if you wish to trade at Crypto.com Exchange or if you wish to participate in Syndcate Events. Furthermore, there is up to 18% interest when staking CRO Token in your APP and even up to 20% interest when staking CRO Token at Crypto.com Exchange.
Therefore the demand for CRO is quite high and the currency has appreciated significantly in value in the last weeks and months.
However, I do not want to discuss the currency CRO further here today, but rather take a closer look at the MCO.
What is MCO?
MCO is the first crypto currency of the company Crypto.com and is primarily needed to get one of the Visa cards made of metal.
In addition, I will receive my Cash Back amounts in MCO Token. So if I have the red Ruby Steel MCO Visa card, I usually get 2% on every purchase. Suppose I book a rental car for my summer holiday for €500 and pay with the MCO card, I get the equivalent of €10 back as MCO Token. For example, if the current rate is €4.00, I will be credited with 2.50 MCO Token.
MCO Tokens are therefore needed for real. If you apply for a Ruby Steel, Jade Green or any other of the metal cards, you have to buy MCO.
supply and demand regulates the price
Crypto.com now has 3 million users, compared to 2 million users in May. So the number of members is growing rapidly. To get a Ruby Steel card, you have to buy 50 MCO tokens and hold them for 6 months. There are about 15.8 million tokens in circulation. So there are only about 5 MCO Token for each user. If each of the 3 million users would apply for a Ruby Steel card (the smallest metal card) and stake 50 MCO, there would need to be 150 million coins in circulation, which is ten times as many as there are in circulation. Of course, not everyone applies for a metal card and stakes over 50 MCO. But even if all users would only take the free Midnight Blue card made of plastic, the demand for MCO tokens would rise strongly in this case as well. Because even with the free card there is a 1% cash back on all payments made with the card. The MCO Tokens don’t fall from the sky, but the amount in circulation remains constant. Let’s be clear about this: There are fewer MCOs than Bitcoins, but the current MCO rate is €3.55 while Bitcoin has just broken through $10,000.
If the MCO rate rises too high, the MCO card will become less and less attractive, because then it will become too expensive and the number of new customers will decrease. Of course Crypto.com does not want that.
Therefore, it is only a matter of time until the MCO Stake minimum is changed from MCO to Dollar, Euro or another Fiat currency. You will no longer have to stake 50 MCOs, but MCOs with a value of lets say $500. If the price of the MCO should rise to $100, only 5 MCOs would have to be staked.
That’s pure speculation, of course, but I think that’s what will happen. Currently, the number of Crypto.com users doubles every few months. How this will affect the demand, I don’t think I need to explain.
Whether to buy MCO Token or not, everyone has to decide for himself.
Translated with www.DeepL.com/Translator (free version)
