Americans Who Bought Bitcoin (BTC) With First Stimulus Check Are Up 639%
Any American citizen who bought Bitcoin (BTC) with their $1200 stimulus checks in April last year, will now be sitting on $8876.
It was the first check sent out by the US government after the country was forced into lockdown, and anyone who used it to buy Bitcoin would have made a staggering 639% profit.
The US government handed out the first stimulus checks to every American citizen as a drastic measure as many people lost their jobs due to the covid lockdowns.
Then President Donald Trump signed the bill to send out the checks to every American citizen making less than $75,000 a year, and the first people to receive it was in mid-April 2020.
Although the stimulus check was meant to help them through a tough period, many savvy investors instead bought BTC with it.
First Checks Sent Out In April 2020
The stimulus checks were sent over the period of a few weeks, and the first ones to receive it would have gotten it when Bitcoin was around $6,700.
Those who invested their money in Bitcoin at the earliest point would have got about 0.178 BTC. And in just the first two weeks, they would have seen massive 40% gains as the Bitcoin price rocketed to $9,435 by the end of the month.
Since then we have seen Bitcoin finally smash its old 2017 all-time high of just under $20,000 and keep rocketing up all the way to a new all-time high of $49,513 yesterday.
So, in just 10 months, those who didn’t rely on the stimulus check to get by, and were savvy enough to invest it in Bitcoin have made about 639% profit and are now sitting on a nice $8876 bumper check. How stimulating.
The second stimulus check was half the amount, and because it was sent out at the start of 2021, any American citizen who used it to buy Bitcoin is still making a nice profit, but obviously not as much.
Whoever received their $600 stimulus check on 1 January were the lucky ones because that was the lowest price BTC has been this year.
Anyone who had invested their $600 on 1 January would have gotten about 0.0205 BTC for their shrewd move, and in just 6 weeks would be sitting on 61% gains and a nice fat stimulus check worth $969. Not bad!
More Stimulus Checks Are Coming
It’s not clear how many stimulus checks Americans will receive, but many believe now the “UBI” tap has been switched on, the government will find it hard to stop it. Or maybe they don’t want to.
But we do know that one is on its way soon. On Thursday, House Speaker Nancy Pelosi said the House hopes to pass a huge economic aid package, including $1,400 stimulus checks by the end of February, and it should be on the president’s desk and sent out to Americans by no later than 14 March.
Americans who are wanting to spend their next $1400 will be hoping the Bitcoin price takes a breather after correcting a little from its new all-time high yesterday.
Many price analysts are predicting huge gains in the coming months, and although the stimulus check is “free money” Americans will obviously want as much BTC as they can get for their next stimulus check.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.