Those Who Bought Bitcoin With Stimulus Checks Cash In For Over $11,000 – Community News
Stimulus Check

Those Who Bought Bitcoin With Stimulus Checks Cash In For Over $11,000

Those who bought Bitcoin in April of last year with their $1,200 stimulus checks were able to cash out more than $11,000 as of Tuesday.

BitcoinStimulus.net has been tracking the price of Bitcoin since April 15, 2020, when Americans started receiving their $1,200 stimulus checks. The website shows that since April 15, Bitcoin’s price has risen by more than 800 percent, pointing to a gain of about $11,000.

In March 2020, then-President Donald Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided eligible Americans with instant checks worth $1,200.

In mid-April, the $1,200 checks were sent to people with gross adjusted incomes of $75,000 or $150,000 for married couples. In mid-April, Bitcoin’s price ranged between $6,000 and $7,000, but this number has skyrocketed in recent months.

In mid-July, Bitcoin’s price surpassed $10,000 and continued to climb, eventually reaching an all-time high of about $66,974 in mid-October.

Data from BitcoinStimulus also shows the potential profit that those who invested all three of their stimulus checks could make if they decided to sell their shares today.

In December 2020, Congress approved a second COVID-19 economic aid package worth $900 billion. The second aid package sent direct checks for $600 to eligible Americans, among other things.

Data from BitcoinStimulus shows that a $600 purchase of Bitcoin on December 29, 2020 would now be worth more than $1,000 as the price of the world’s most popular cryptocurrency has continued to rise. As of December 31, Bitcoin’s price reached around $28,984 according to CoinDesk.

In March, President Joe Biden approved a third round of stimulus checks worth $1,400 for eligible Americans. According to data from BitcoinStimulus, if you used your $1,400 incentive check to buy Bitcoin on March 16, it would be worth over $1,500 now. Data from CoinDesk shows that the price of Bitcoin reached about $57,684 on March 18.

According to data from BitcoinStimulus, if you invested all three of your stimulus checks, which totaled $3,200, they would now be worth over $13,000 as the price of Bitcoin has skyrocketed in recent days, reaching over $61,000 as of publishing time.

Over the past few months, Bitcoin’s price has fluctuated, reaching over $60,000 in March and April, falling to $30,000 in July, and finally rising back to $60,000 in October.

Bitcoin’s price change was partly due to a ban on cryptocurrencies in China. Despite the ban in China earlier this month, Gary Gensler, chairman of the US House, Securities and Exchange Commission, said the committee would not ban Bitcoin and other digital currencies.

Bitcoin
Americans who used their $1,200 stimulus checks to buy Bitcoin last year were able to cash out more than $11,000. Above is a visual representation of the digital cryptocurrency, Bitcoin, on December 7, 2017 in London.
Dan Kitwood/Getty