Interestingly, not even a single law laid down last year instructed people on how to spend their stimulus check payments. Now, while quite a large section of the population decided to put it all on housing, food, and utility bills, there were quite a few individuals who put up a large section of their stimulus money on investments in cryptocurrency like Bitcoin.
And with the current spurt in the prices of Bitcoin, they have been seeing some new profit. An analysis that came from Cointelegraph previously found that ever since the first payment was put on the April of 2020, a periodical investment of $3,200 stimulus money into Bitcoin would easily give them a profit of $4,514 by the end of October.
Stimulus Check Money Getting Invested in Bitcoin
Cointelegraph also noted that the average American taxpayer had seen three different stimulus check payments from the federal government- one that began in April 2020, another that began in December 2020, and the latest- in March 2021. In the study from Cointelegraph, around 11% of the respondents- who were between the ages of 18-34 started reinvesting a major part of the stimulus payment into cryptocurrencies.
Now, those who had the good fortune of putting in their first stimulus check payment into Bitcoin would be currently seeing a profit of 442% as of the 31st October 2021. This allowed them to turn an investment of $1,200 into $5,304.
When they invested the second payment of $600, it would allow them a profit of 152%, or $312. The last stimulus payment wouldn’t be seen as big of a turnover- due to the volatility of Bitcoin in the last couple of months- which would see a profit of $98.
As reported by GOBanking Rates, the biggest cryptocurrency in the world is currently in a much better state due to people investing their stimulus check money in it.