Americans reinvested stimulus checks in Bitcoin and made $4.5 million in profits

An ordinary U.S. taxpayer receives three rounds of stimulus checks from the U.S. government as a means to revive the economy by increasing the spending potential of consumers. For many people, this means an opportunity to invest in Bitcoin (Bitcoin).

A Cointelegraph report on August 26 shows that 11% of respondents aged 18 to 34 have reinvested Part of their stimulus check on cryptocurrencies. Adult Americans who reinvested the first round of stimulus payments into Bitcoin from April 2020 onwards realized approximately 442% of their net profits. As of October 31, 2021, the investment of US$1,200 was changed to US$5,304. .

The second $600 stimulus check was distributed between December 2020 and January 2021, only two months after Bitcoin hit an all-time high of $65,000 for the first time. If you reinvest in Bitcoin, the second check will make 152% of the profit (approximately $312).

The average expenditure of the third stimulus check is set at $1,400 and will be provided to eligible taxpayers from March 2021.Since then, Bitcoin has experienced a three-month bear market, but Fully restored, transaction value over 65,000 USD first. Despite the volatility, at the time of writing, reinvesting the third stimulus check in Bitcoin will yield a modest profit of 7% or $98.

According to the above survey results, by the end of October, timely reinvestment of $3,200 worth of stimulus checks in Bitcoin will bring a total profit of $4,514 (nearly 71%).in a Learn According to a survey conducted by Harris Poll on behalf of Yahoo Finance, most Americans who are willing to invest in cryptocurrency indicated that they are mainly interested in Bitcoin and Ether (Ethereum).

Crypto analyst PlanB’s prediction for Bitcoin appeared for the third consecutive month.

According to PlanB, by the end of November, the value of Bitcoin will exceed $98,000. If the forecast is true, the stimulus check investment will further realize a 58% profit from today’s market price.

related: El Salvador buys more than 420 bitcoins

Savior Declare Bitcoin as legal tender On September 7, after that, it began to reinvest its dollar reserves in the purchase of Bitcoin.

President Nayib Bukele announced an increase of 420 bitcoins on October 28, increasing the national reserve to 1,120 bitcoins, valued at 87.4 million U.S. dollars.

According to Bukele, once the country makes a profit from its Bitcoin investment, the equivalent amount in its U.S. dollar reserves will be reinvested to fund various programs. Therefore, the total value of El Salvador’s national reserves maintains its original value in U.S. dollars.