Why Investors Are Spending Stimulus Checks To Buy Bitcoin
Bitcoin suffered a devastating blow on Black Thursday alongside the rest of the financial world. But unlike other assets, the top cryptocurrency has grown enormously since, and become the best performing asset of 2020 bar none. Emergency assistance checks dispatched to American taxpayers meant to stimulate economic activity only served to stimulate Bitcoin’s bullish momentum, […]
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A timely reinvestment of $3,200 worth of stimulus checks into Bitcoin would return a total profit of $4,514 (nearly 71%) by the end of October. An average American taxpayer received three rounds of stimulus checks from the United States government as a means to reignite the economy by increasing consumers’ spending potential. For many, this meant an opportunity to invest in Bitcoin (BTC).A Cointelegraph report from Aug. 26 shows that 11% of the respondents between the ages of 18 to 34 reinvested a part of their stimulus checks into cryptocurrencies. Adult Americans that reinvested the....