The first $1,200 stimulus check has appreciated to $10,278 if the recipient invested in Bitcoin
The second $600 stimulus check has appreciated to $1,227 if it also bought Bitcoin
The third round of stimmy checks is on its way with details of the rollout expected soon
Chances are, recipients will buy Bitcoin and/or other digital assets
Bitcoin could thus find the fuel to hit $60k
President Biden has signed into law the third stimulus bill worth $1.9 Trillion that will see eligible Americans receive at least $1,400 from the government. As was the case with the first and second ‘stimmy checks’ from last year, chances are that some or all of the amount will end up purchasing Bitcoin and/or other digital assets.
First $1,200 Stimulus Check is Now Worth $10,278 if it Bought Bitcoin
According to BitcoinStimulus.net, the first stimulus check worth $1,200 that was issued on April 15th, 2020, is now worth $10,278 if the recipient bought Bitcoin. Furthermore, such an investment would now be up 757% in gains as seen in the following screenshot courtesy of the stimulus check tracking website.
Second $600 Stimulus Check is Now Worth $1,227
The US government went on to issue a second round of $600 stimulus checks on the 29th of December last year. According to BitcoinStimulus.net, that $600 is now worth $1,227 if the recipient invested in Bitcoin. The screenshot below courtesy of the tracking website further demonstrates this fact.
Bitcoin Could Test $60k Once the Third Stimulus Checks Get Disbursed
At the time of writing, Bitcoin has more or less recovered from yesterday’s dip to $55k due to news of Binance being investigated by the CFTC. Bitcoin is currently trading at $57,500 and looks set to conquer the elusive $58k price area as support in the days to follow.
Additionally, between now and next week is when details of the disbursement of the $1,400 will start emerging. This means that Bitcoin could keep pushing higher towards $60k based on the hype and excitement surrounding the stimulus checks.