Abra Is Giving Away Bitcoin, Discover How To Get It And If There’s A Catch

Abra, a crypto exchange and wallet provider, has been reported to be distributing Bitcoin during the current bear market for its clients. The Next Web’s Hard Fork affirmed that Abra has sent an email today to its customers and that it announced that any new investors of its BIT10 ETF-styled (exchange traded fund) token would get $25 USD in BTC as a Christmas gift.

However, there is a catch, obviously. Rarely companies just give people money for free. The cashback reward will only be available if you spend at least $1,000 USD during the promotion period on the BIT10 or you will not be eligible to participate.

So, basically, you need to purchase at least $1,000 USD worth in BIT10 tokens until December 31 if you want your 25 bucks. It’s kind of a stupid idea, really. You basically bet $1,000 USD in a market during a clear downtrend and you get measly 25 USD for it. A reward of 2.5% simply does not mean a lot when prices are going down and can be too much money for any hobbyist investors.

In case you are slightly interested in the prize or in investing in BIT10 with or without the prizes, you should know what BIT10 is all about. Run by Bitwise Management, this market-tracking index tracks down the top 10 cryptos monthly and then organizes itself according to them.

If the value of the Top 10 tokens go up, so will the value of your funds, if it goes down, so will your funds, too. You can only buy and sell the ETF-like “tokens” on Abra, though. Because of the bear market, though, now simply does not seem like the best time to invest in this product.

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