In an effort to alleviate the repercussions of the pandemic, the US government disbursed numerous stimulus checks to assist individuals and families in coping with escalating expenses and unemployment challenges.
Although the primary purpose of the stimulus payments was to address day-to-day expenditures and financial obligations, recipients were afforded the flexibility to utilize the funds according to their discretion.
This included the option to consider investments if immediate financial requirements were met or to allocate the funds towards savings.
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Investing Stimulus Checks into Cryptocurrency
Let’s examine the potential yield that a consumer could attain by investing their stimulus checks ($1,200, $600, and $1,400) into prominent cryptocurrencies such as Bitcoin (CRYPTO: BTC), Dogecoin (CRYPTO: DOGE), as well as Ethereum (CRYPTO: ETH).
Stimulus Checks for Etherium Investments
In 2021, Ethereum emerged as one of the rapidly growing cryptocurrencies, primarily owing to its association with non-fungible tokens (NFTs).
Let’s explore the performance of stimulus checks invested in the second-largest cryptocurrency.
As of April 11, 2020, Ethereum was valued at $161.17, increased to $737.95 on December 29, 2020, and soared to $1,839.50 on March 12, 2021.
If an individual had allocated the entire $3,200 into Ethereum, they would have been able to acquire 9.02 ETH.
Considering the current Ethereum price of $2,353.96, the initial $3,200 investment would now be valued at $21,232.72, reflecting a notable gain of 626.0%.
Stimulus Checks for Dogecoin Investments
The meme-inspired cryptocurrency, Dogecoin, experienced a surge in interest and value during 2021, largely attributed to retail investors and prominent public advocates such as Mark Cuban and Tesla CEO Elon Musk.
Here is an assessment of the performance of stimulus checks invested in Dogecoin.
On April 11, 2020, Dogecoin was valued at $0.0020, increased to $0.0046 on December 29, 2020, and further spiked to $0.0570 on March 12, 2021.
If an individual had invested the entire $3,200 from the stimulus checks into Dogecoin, they would have been able to acquire 754,996 DOGE.
With the current price standing at $0.08107, the initial $3,200 investment would now be valued at $61,207.53, reflecting a remarkable gain of 1,812.7%.
Stimulus Checks for Bitcoin Investments
Allocating a portion of the stimulus checks towards Bitcoin emerged as a popular choice for investors and individuals seeking to either safeguard a portion of the payment or venture into the cryptocurrency market for the first time.
As of April 11, 2020, Bitcoin was valued at $6,926, rose to $27,370 on December 29, 2020, and further surged to $57,996 on March 12, 2021.
An individual who invested the entire $3,200 from the stimulus checks into Bitcoin would have been able to acquire a total of 0.219 BTC.
Considering the current Bitcoin price of $46,975.28, the initial $3,200 investment would now be valued at $10,287.59, reflecting a substantial gain of 221.5%.