In April 2020 a check arrived at every taxpayer’s house in the United States. This check was for $1200 and was to help subsidize families that were struggling during the Covid-19 lockdowns. Everyone received a check, regardless of if you were working or not.
Many who continued to work saw this money as free spending money. There were ample purchases of new televisions and other consumer goods. However, some people who received their check put that money directly into Bitcoin.
In April 2020 the cryptocurrency market was in a slump. The price of Bitcoin had fallen progressively from its $20,000 high to around roughly $7000. Outsiders saw this as a signal that cryptocurrency was dying off and was only a phase.
Only those who were true enthusiasts continued to purchase Bitcoin and believe in what was to come. Now the market has returned to Bitcoin and the entire cryptocurrency cap has hit an all-time high.
If you purchased Bitcoin with your $1200 stimulus check back in April 2020 it would be worth $12,000 right now.
There is no other market in the world that has delivered those kinds of returns. Bitcoin reaching a major high has brought a surge of new investors into the space.
Retail investors have also flocked to Bitcoin by means of the new Bitcoin ETF launched last week. Many are expecting a big push for the market over the rest of the year.
Crypto enthusiasts regularly post how much a stimulus check would be worth if invested in Bitcoin. These posts aim to show how quickly the market can make a small sum of money grow. To keep track of the value of this investment, a Twitter account was made to follow the current value, named bitcoinstimulus.
It’s amazing what a few years can do in the crypto space. The market is still very young and very volatile but the returns can be incredible.
The chances of another stimulus check coming to American citizens is highly unlikely, but one can only imagine there will be more using it to purchase Bitcoin.
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