If you purchased Bitcoin with your $1,200 stimulus check in April 2020, you’d be in for a windfall of almost 10 times your return as of Thursday.
BitcoinStimulus.net has been following the price of the cryptocurrency since April 15 of last year, around the same time most Americans began getting their stimulus checks, and according to the website, the price has increased by 822%, showing a profit of about $11,000.
So how did most Americans get this round of stimulus checks last year in the first place?
In March 2020, former President Donald Trump signed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law gave qualifying Americans direct checks worth $1,200, if they made up to $75,000 filing taxes as a single person or $150,000 filing jointly.
There was also a second round of stimulus checks worth $600 passed by Congress in December 2020 and a third round of stimulus checks worth $1,400 green-lighted by President Joe Biden in March.
Bitcoin’s price has increased gradually from about $7,000-$8,000 in mid-April to an all-time high of $66,974 in mid-October. To invest, you don’t have to buy one entire Bitcoin, you can buy just a fraction.
According to data from BitcoinStimulus, if you invested all $3,200 worth of stimulus checks in bitcoin, those would now be worth around $13,000, a 330% increase.
Bitcoin is currently the largest cryptocurrency and the first to be widely adopted, according to Coinbase. It was created in 2008 by Satoshi Nakamoto, a pseudonymous person or team.
Cryptocurrency is a digital asset designed to be used over the internet, Coinbase says. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.
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