If you bought Bitcoin with your $1,200 stimulus check in April 2020, you would have a windfall of nearly 10 times your return as of Thursday.
BitcoinStimulus.net has been tracking the cryptocurrency’s price since April 15 last year, around the same time most Americans started getting their stimulus checks, and according to the website, the price is up 822%, making a gain of about $11,000.
So how did most Americans get this round of stimulus checks last year?
In March 2020, former President Donald Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) bill. This law gave eligible Americans direct checks worth $1,200 if they filed up to $75,000 in tax returns as a single person or $150,000 jointly filed.
There was also a second round of stimulus checks worth $600, approved by Congress in December 2020, and a third round of stimulus checks worth $1,400, which got the green light from President Joe Biden in March.
The price of Bitcoin has gradually risen from around $7,000-$8,000 in mid-April to a record high of $66,974 in mid-October. To invest you don’t have to buy one whole Bitcoin, you can only buy a fraction.
According to data from BitcoinStimulus, if you invested all $3,200 in stimulus checks in bitcoin, those would now be worth about $13,000, an increase of 330%.
Bitcoin is currently the largest cryptocurrency and the first to be widely used, according to Coinbase. It was founded in 2008 by Satoshi Nakamoto, a pseudonymous person or team.
Cryptocurrency is a digital asset designed to be used over the internet, Coinbase says. It is decentralized, meaning it is not controlled by the government or any other central authority such as a bank.
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