With United States citizens set to receive a second stimulus package, we take a look at how much the first $1,200 sent in April 2020 would have been worth if invested in BTC.
The US government had sent stimulus cash to citizens in the wake of the COVID-19 pandemic as financial support for businesses and personal finance. The funds approved by Ex-President Trump involved sending out checks worth $1,200 to every adult earning below $75,000 per year.
While a good number of Americans used the money for basic necessities like food and rent, it is worth noting that during the same time, a number of US-based cryptocurrency exchanges reported an increase in BTC buy orders around the $1,200 range – a coincidence?.
According to the above thesis, a Twitter profile was setup to track the yield of the first stimulus check on BTC investment with price trading at $6800. At time of this publication, Bitcoin has surged to $48,900 to $49,000 price region.
Given the above facts, if Americans used their $1,200 stimulus check to buy BTC in April 2020 when the first funds were released, they would have seen a return of over 639% – meaning $1,2000 turned to $8,876.
While this is a spectacular return on an asset in less than a year, some altcoins have done impressively more within the same time frame. Notably big cap Ethereum (ETH) has yielded over 1,000% ROI since then.
Given this, any American investor who had bought the second largest cryptocurrency at its $155 and $161 price around April 1-15 would have profited over 1,025% at today’s ETH price of $1,800.
Such that the 7.5 ETH bought for $1,200 would be worth $13,500 as at today.
What other industry can boast of this same return? Will more Americans turn to cryptocurrency investing on the second stimulus check? Share your thoughts in the comments below.