During the last round of stimulus checks payout in the U.S., some of the recipients thought it wise to invest the whole $1,200 in Bitcoin and they are not regretting that action today as their profit reached over 40% since BTC surpassed $10,200.
An investment of $1,200 in BTC in April 2020 has gotten to $1,746 recently. This is the testimony of those who invested the money from their stimulus checks in Bitcoin few months ago.
The news about the second stimulus package was confirmed on July 26 by Larry Kudlow, an economic advisor to President Trump during an interview on CNN.
Unfortunately, many Americans still say they are yet to receive the first $1,200 which was started in March. The secretary to the U.S. Treasury say the second package will begin in August, but this may linger up till November.
To spend or to invest?
The essence of dispatching another stimulus package is to cushion the effect of the pandemic which has caused some Americans to lose their job and others to earn less than what they used to before the pandemic struck.
However, many Americans decided to invest the money in cryptocurrency instead of solving their immediate needs. Coinbase confirmed this by stating that there was a 300% increase in the number of buyers for $1,200 worth of BTC that period.
Reacting to the news of another stimulus paycheck coming soon and the recent surge in BTC price, crypto users are beginning to channel their hearts towards investing another $1,200 in BTC.
Some comments on social media indicate that people are just waiting. For example, a Reddit user Limited-Visibility said: “Straight to the BTC, straight to the cold storage wallet.”
BTC price increase may be influenced by stimulus news
The new surge in BTC price from $9,941 to over $10,200 happened few hours after the announcement of the second stimulus package was made. The same was noticed on July 23 when the government first announced its budget of $1 trillion to $2 trillion for the next stimulus package. The price of BTC soon rushed above $9,500 at that time after a long stay between $9,000 and $9,500.