Bitcoin has grown in value to more than $7,000 for Americans who spent their initial $1,200 stimulus payment on it.
While many people are still skeptical of the benefits of cryptocurrencies like Bitcoin, it has proven to be profitable for individuals.
Before you invest, keep in mind that cryptocurrencies are high-risk, and you could lose all of your money.
Cryptocurrencies, such as Bitcoin, are highly volatile, and their values can fluctuate dramatically without warning.
It implies that you should never invest more than you can afford to lose or in something you don’t fully comprehend.
According to Bitcoin Stimulus, which has been tracking the data, consumers who elected to invest their first stimulus in Bitcoin when it was paid out in April 2020 had a stock valued at roughly $7,285 as of April 15, 2022.
That’s a return on investment of more than 500%.
When Congress established the CARES Act to help alleviate some of the financial burdens of Covid-19, they intended to use the money on necessities such as food and rent.
However, the payoff has been enormous for those with the financial means to invest in cryptocurrencies since April 2020.
According to the Bitcoin Stimulus tracking site, those who invested their second $600 stimulus in December 2020 currently have $870 in their accounts.
Those who invested the $1,400 stimulus payment given in March 2021, on the other hand, are out of luck since their money is now worth $1,013.
As of April 15, 2022, if you had invested all three stimulus cheques in Bitcoin when you received them, they would be valued at $9,168.
If you put your stimulus money into Ethereum, the second-largest cryptocurrency, your value has risen to over $27,036.
Ethereum is thought to be the next big thing in crypto, having recently outperformed Bitcoin.
Those who put their stimulus money into the cryptocurrency Dogecoin, named after the internet meme Doge, have made $102,000.
Dogecoin was selling for roughly $0.0020 per share in April of 2020. It has now increased by 8,400%.
Shiba Inu, a new cryptocurrency, debuted on the market in July 2020.
Those who purchased a Shiba Inu for $1,200 in 2020 have seen their investment grow to a mind-boggling $26 million.
Bitfarms, Canaan, Hive, Hut 8, Marathon, and Riot are some of the other cryptocurrencies with significant returns.
The stimulus investment yielded at least $15,000 for each of these currencies, with several reaching six figures at their height.