Americans reinvesting stimulus checks in Bitcoin made $4.5k in profit
According to recent reports, Americans who reinvested their ECP cash checks in Bitcoin made $4,500. If you had managed to reinvest the $3,200 in Bitcoin checks in time, your total return by the end of October would have been $4,514 (about 141%). The U.S. average investor received three series of cash checks from the U.S. government in an average year in the form of stimulus payments to revitalize the growth of the economy at the expense of consumption expenditures. This meant a great opportunity for someone to invest in bitcoin (BTC).
According to a Cointelegraph report as of Aug. 26, 11 percent of those questioned in the 18- to 34-year-old age group had invested some of their cash in cryptocurrencies. U.S. adults who chose to invest their first share of their April 2020 cash allocation to buy bitcoin earned about 442% of their net income, bringing their $1,200 investment to $5,304 as a result as of Oct. 31, 2021. The $1,200 in December 2020 and January 2021, barely more than two months since bitcoin peaked at a historic high of $65,320. If the second check had been redirected to bitcoin, it would have yielded a return of 152% ( approximately $312). The third incentive payout was set at an average of $1,400 and will be available to taxpayers entitled to benefits, starting from March 2021. From that time, bitcoin has endured a three-month bear market but has now recovered to hit the $65,000 mark. Given the fluctuations taking place, reinvesting a third bitcoin stimulus yields just 7%, or $98.
According to the above conclusions, on-time reinvestment of $3,200 in bitcoin checks would have provided a cumulative gain of $4,514 by the end of October ( almost 141%). The Harris Poll on behalf of Yahoo Finance found that the majority of Americans who want to invest in cryptocurrencies said they were most attracted to Bitcoin and Ether (ETH).
PlanB crypto analysts’ top prediction for bitcoin is repeated for the third month in a row. According to PlanB, bitcoin will reach $98,000 by the end of November. If this prediction comes true, investment in stimulus checks will provide a further 58% return on today’s market price. President Nayib Bukele unveiled the decision to buy 420 BTC on Oct. 28, bringing the state’s reserve to 1,120 BTC worth $87.4 million. As Bukele said, after the country gains from bitcoin investments, a corresponding amount from its reserve dollar fund will be reinvested to pay for various projects. As a result, the total value of El Salvador’s public foreign exchange reserves remains at the same level in dollar terms.
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Tatiana Leverya, Team bit4you.