Your $1,200 Stimulus Check Would be $3,000 if You Invested in Bitcoin

Your $1,200 Stimulus Check Would be $3,000 if You Invested in Bitcoin

It has been seven months since the government of the United States disbursed its first round of stimulus checks worth $1,200 to millions of citizens. That amount, if put into Bitcoin, would be worth about $3,000 today, unlike the dollar.

Most of the stable economies opted for stimulus packages for its citizens as a means to combat the financial crisis ushered in by the COVID-19 breakout. These stimulus packages function as tax rebates and incentives against economic slowdown while giving struggling citizens the aid they needed. That said, every US adult earning less than $75,000 a year was entitled to a stimulus check of $1,200. 

Now, while we know that the majority of people used their dollars for food, rent, and other necessities, it is interesting to wonder what would have come of it if those dollars got invested in Bitcoin. Not surprisingly, the largest US-based cryptocurrency exchange reported a spike in deposits worth $1,200 around that period.

At the time, the benchmark cryptocurrency was selling for $6,600-800. That means a Bitcoin purchase worth $1,200 would have given the buyer about 0.18 BTC. Today, with Bitcoin trading at about $16,000, 0.18 BTC would be worth roughly $2,900. This investment would have produced a 142% ROI in under seven months.

BTCUSD – 4-Hour Chart

Key Bitcoin Levels to Watch in the Near-Term — November 15

Bitcoin has undergone a visible slowdown in volatility over the weekend. Many speculators feel that BTC just might have run out of bullish steam and that we might see the $15,000 area shortly.

That said, the benchmark cryptocurrency has been trading within a tight range between $16,160 and $15,900. A sharp move through either of these levels could hold the determining factor for what BTC could do next.

Meanwhile, our key resistance levels are at $16,500, $17,000, and $17,500. While our key support levels are at $15,700, $15,200, and $15,000.

Total market capital: $453 billion

Bitcoin market capital: $293 billion

Bitcoin dominance: 64.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.