The residents of United States who already invested their first stimulus checks in Bitcoin have seen a over 45% return, from $1,200 USD in April to roughly $1,746 USD at the time of reporting, when the cryptocurrency is surging past $10,300 USD.
Earlier on 26th July interview with CNN’s Jake Tapper, White House economic advisor Larry Kudlow confirmed Americans will be receiving another $1,200 USD check as a part of a roughly $1 trillion stimulus package first announced on 23rd July.
However, consistent with Newsweek, many Americans have reported not receiving the primary checks, which the United States Treasury started issuing in late March. Treasury Secretary Steven Mnuchin has said the second payments will arrive in August, but that could potentially mean November for some if the process is same.
Buy Or Rent Bitcoin?
The stimulus checks are intended to ease the economic hardship suffered by many United States residents who lost their jobs or are seeing much lower income amid the coronavirus pandemic.
However, as reported earlier in April, several Americans may have chosen to invest their first payment not in delaying eviction or supplementing their income – when necessary – but cryptocurrency. Brian Armstrong of Coinbase showed that the amount of deposits and buys on the exchange worth $1,200 USD increased fourfold that month.
Based on online responses to the news that another check would be forthcoming, including the recent surge of Bitcoin [BTC] to over $10,300 USD, some crypto traders could also be thinking another $1,200 investment isn’t the worst idea.
“Straight to the BTC, straight to the cold storage wallet,” said Reddit user Limited-Visibility.
“What I do get will go straight to Bitcoin, just like last time,” said rapierce0238.
Driving Bitcoin Prices To Over $10k
The announcement that $1,200 USD checks for United States resident would once more be a part of the stimulus package came just hours before Bitcoin experienced another surge, rising 3.1% from $9,941 USD to $10,320 within the past few hours. When United States officials first announced the $1 trillion stimulus package earlier on 23rd July, the worth of BTC rose past $9,500, breaking a very long stretch of low volatility between $9,000-$9,500.