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COVID-19 stimulus checks spent on Bitcoin net 35%

COVID stimulus checks

When the United States government issued COVID-19 stimulus checks mid last month, many people expressed their intentions to lash out on guns, tigers, and Bitcoin. Those who purchased Bitcoin using their coronavirus stimulus effect, are already reaping the benefits as we head towards the block rewards halving.

According to data shared by Coinbase CEO Brian Armstrong, there was a four times increase in the number of BTC purchases on the platform, worth the exact amount of the COVID-19 stimulus checks, $1,200; on the exact date they were rolled out. 

Fortunately for those who used the government checks to invest in BTC, they have amassed handsome profits rising to 35% in just one or two weeks. When the first round of the COVID-19 was issued on April 13, bitcoin’s price was $6,674. At the time of putting this down, the cost of BTC is $9,000.

COVID-19 stimulus checks

“Trump change” COVID-19 stimulus checks

Following a typical decision by the United States Treasury, Donald Trumps was printed on the stimulus checks. Those who bought bitcoin tokens using their ‘Trump change” are now raking handsome returns and have a reason to celebrate. 

Nevertheless, others suggest that the celebrations will be short-lived. According to one Reddit user, he commented, saying, “Let’s see if you still have the same gain on May 13.” The mentioned date refers to precisely a day after the bitcoin halving event. Bitcoin block rewards are set to be slashed by 50% on the day.

Notable altcoins with more gains than Bitcoin

Over the past couple of days, the majority of the altcoins in the market performed better than bitcoin. Remarkably, DigiByte’s native token, DGB, surged upwards to break into the top 100 in market capitalization. Inputting “Trump change” in DGB during the day of issuance would have yielded 249% in profits by now.

Well, it is always advisable to be cautious while splurging money into the digital currency market. Those who bought BTC using COVID-19 stimulus checks are off the hook for now, but it is risky considering the volatility of the crypto market.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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