When the US government confirmed that its citizens would begin receiving stimulus checks, there was excitement around. This meant those with no income could keep up with the bills. Others who were still doing well got to invest. In the crypto community, they bought Bitcoin.
This was confirmed by Coinbase CEO Brian Armstrong after the exchange noticed an increase in $1,200 deposits. This was exactly the same amount being handed out by the government.
Those buying Bitcoin will this check were certain that Bitcoin would increase in value. And with all the positives that have been happening around the digital asset, plus other outside factors, it was nearly certain.
Were they right? In a word, yes. But it has taken remarkable patients.
The checks began being deposited around mid-April. Then Bitcoin was in the $9,300-$9,600 range. In this range, the digital asset remained for an unprecedented time. The analysts considered it a consolidation phase.
During this time, it could have been easy for these investors to cash in and move their money to altcoins or maybe Tesla, which has surprisingly been more volatile than Bitcoin.
But the patient ones have in recent days ripped big. During the weekend, Bitcoin broke out of range and early this week, smashed past $11K. Those that bought at $9,500 easily made $1,500 if they sold.
2nd Stimulus Check Confirmed
During this time, the USD has stumbled and hit a two year low. Stocks, which were aggressive earlier in the year have also seemed shaky in recent days with a dump imminent.
Now the US has confirmed that 2nd stimulus check which will roughly be the same amount as the first.
Those who bought the first time will undoubtedly buy again and the current hype and proof will be enough to attract even more.
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