Earning Money With Stimulus Checks – With Bitcoin Is Possible
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Bitcoin investors make $4.5k from reinvesting stimulus checks
By the end of October, reinvesting $3,200 in stimulus checks into Bitcoin would yield a total profit of $4,514 (nearly 141%).
As a means to reignite the economy, the United States government distributed three rounds of stimulus checks to American taxpayers. This gave some American investors the opportunity to buy Bitcoin (BTC).
The Aug. 26 report from Cointelegraph shows that 11% of the respondents between the ages of 18 and 34 invested part of their stimulus checks into cryptocurrencies. As of Oct. 31, 2021, Americans who reinvest the first round of stimulus payments from April 2020 into Bitcoin have realized a net profit of approximately 442%, turning a $1,200 investment into $5,304.
During December 2020 and January 2021, another stimulus check of $600 was distributed, just two months before Bitcoin reached its high of $65,320 for the first time. The second check would return a profit of 152% (approximately $312) if reinvested in Bitcoin. See the pic for better visualization.
For the third stimulus check, which was made available to eligible taxpayers from March 2021, the average payout was $1,400. Since then, Bitcoin experienced a three-month bear market, but has made a full recovery to reach $65,000 in trading value for the first time. Even with the fluctuations, reinvesting the third stimulus check in Bitcoin would yield a modest 7% profit or $98 at the time of writing.
By the end of October, a timely reinvestment of $3,200 worth of stimulus checks would result in a profit of $4,514 (nearly 141%). It should be acknowledged, that most Americans who are willing to invest in cryptocurrency are interested in Bitcoin and Ether (ETH), according to a study conducted by Harris Poll for Yahoo Finance.
Crypto analyst PlanB’s prediction on Bitcoin checks out for the third consecutive month.
According to PlanB, Bitcoin is set to exceed $98,000 in value by the end of November. If the prediction holds true, the stimulus check investments will further realize 58% profit from today’s market price.
The country, according to Bukele, reinvests an equivalent amount of its dollar reserves for funding various initiatives once it gains profit on Bitcoin investment. This means that El Salvador’s national reserves maintain their original value in U.S. dollars.