The $600 stimulus check invested in BTC last week would have earned you $75 already, according to data.
The Americans who received their second stimulus check for the coronavirus on December 29th have already earned 12%… if they decided to invest it in Bitcoin (BTC).
As the U.S. government launches another round of „free“ money for eligible residents, attention is turning to how many will choose to invest their USD 600 in cryptosystems.
Those who received the April 2020 stimulus now have $5,600
Deliveries began last week and are expected to be completed by January 15. According to a dedicated monitoring resource, those who received the money on the first day and immediately exchanged their US dollars for BTC have already earned approximately USD 75.
Bitcoin and Ether (ETH), the largest altcoin by crypto nation pro market capitalization, have outperformed virtually all the competition during the first week of 2021 in terms of return on investment.
As the mainstream media overflows with stories of how citizens who received stimulus checks plan to invest in stocks and consumer goods, theoretically with the goal of „stimulating the economy,“ those who bought Bitcoin with the previous cash gift in April 2020 now have $5,600.
At that time, the stimulus check was worth $1,200, twice the amount of the second round, which means that Bitcoin has provided 370% profit if someone has done „HODL“ so far.
The figures underscore the curious way in which the average taxpayer can benefit from the strange financial environment that characterizes 2020 and 2021. By simply buying and saving Bitcoin, anyone can outperform even the most experienced stock trader.
„Maybe we should send the stimulus money to Bitcoin. The $600 will turn into $2,000 in a week anyway,“ summed up fund manager Austin Rief in an ironic tweet posted over the weekend.
The monthly chart shows that Bitcoin won’t stop at $32,000.
While the 233% gain in one week hasn’t yet materialized, many are already confident that Bitcoin’s prospects will match or even surpass last year’s performance this 2021.
The year after the halving of the halving reward has historically been the best year in cryptomoney, and under that logic, a correction will only occur in 2022.
Added to this is data showing the longer-term behavior after a maximum price in each four-year halving cycle. With the USD 20,000 as the previous maximum, history suggests that the BTC/USD will not fall below that level again.
What’s more, between 2017 and 2020, the difference between the two Bitcoin peaks was 1,600%. Between the highs of 2013 and 2017, it gained 3,500%. Since May 2020, Bitcoin has risen by a comparatively modest 75%.