A timely reinvestment of $3,200 worth of stimulus checks into Bitcoin
would return a total profit of $4,514 (nearly 141%) by the end of
October.
An average American taxpayer received three rounds of stimulus checks
from the United States government as a means to reignite the economy by
increasing consumers’ spending potential. For some, this meant an
opportunity to invest in Bitcoin (BTC).
A Cointelegraph report from Aug. 26 shows that 11% of the respondents between the ages of 18 to 34 reinvested a part of their stimulus checks into cryptocurrencies.
Adult Americans that reinvested the first round of stimulus payments
from April 2020 into Bitcoin have realized a net profit of roughly 442%,
turning a $1,200 investment into $5,304 as of Oct. 31, 2021.
The
second stimulus check of $600 was distributed between December 2020 and
January 2021, just two months before Bitcoin achieved an all-time high
of $65,320 for the first time. If reinvested in Bitcoin, the second
check would return a profit of 152% (approximately $312).
The
average payout for the third stimulus check was set at $1,400, which
was made available for eligible taxpayers from March 2021. Since then,
Bitcoin underwent a three-month-long bearish market but made a full recovery
to cross $65,000 in trading value for the first time. Despite the
fluctuations, reinvesting the third stimulus check in Bitcoin would
return a modest 7% or $98 in profit at the time of writing.
Based
on the findings above, a timely reinvestment of $3,200 worth of
stimulus checks into Bitcoin would return a total profit of $4,514
(nearly 141%) by the end of October. In a study conducted
by Harris Poll on behalf of Yahoo Finance, most Americans willing to
invest in cryptocurrencies cited primary interest in Bitcoin and Ether (ETH).
Crypto analyst PlanB’s prediction on Bitcoin checks out for the third consecutive month.
According to PlanB, Bitcoin is set to exceed $98,000 in value by the
end of November. If the prediction holds true, the stimulus check
investments will further realize 58% profit from today’s market price.
Related: El Salvador buys a smokin’ hot 420 more Bitcoin
El Salvador announced Bitcoin as a legal tender on Sept. 7, and has ever since started reinvesting its United States dollar reserves on procuring Bitcoin.
President
Nayib Bukele announced the addition of 420 Bitcoin on Oct. 28, bringing
up the national reserve to 1,120 BTC, worth $87.4 million.
According to Bukele, once the country makes a profit on its Bitcoin
investment, an equivalent amount from its dollar reserves is reinvested
for funding various initiatives. As a result, the total value of El
Salvador’s national reserves maintains its original value in terms of
the U.S. dollar.
source link : https://cointelegraph.com/news/americans-reinvesting-stimulus-checks-in-bitcoin-made-4-5k-in-profit
