American who reinvested business checks in Bitcoin made a profit of $ 4.5,000

The average American taxpayer has received three rounds of stimulus checks from the US government as a measure to stimulate the economy by increasing consumption. For many, this means an opportunity to invest in Bitcoin (BTC).

A Cointelegraph report dated Aug. 26 found that 11% of respondents between the ages of 18 and 34 had some of their stimulus checks reinvested in crypto.

American adults who reinvested the first stimulus payment from April 2020 in Bitcoin have achieved a net return of approximately 442%, turning a $ 1,200 investment as of October 31, 2020 into $ 5,304. 2021.

The second $ 600 stimulus test was conducted between December 2020 and January 2021, just two months before Bitcoin first hit its all-time high of $ 65,000. Reinvesting in Bitcoin, the second check would produce a return of 152% (about $ 312).

The average payout for the third stimulus check is $ 1,400 and will be made available to eligible taxpayers starting March 2021. Despite the volatility, a third stimulus check rollover on Bitcoin at press time should produce a modest return of 7%, or $ 98.

Based on the above results, a timely reinvestment of $ 3,200 worth of stimulus checks in Bitcoin at the end of October would give Americans willing to invest in crypto a total return of $ 4,514 (nearly 71%), say that her main interest is in Bitcoin and Ether (ETH).

The forecast for Bitcoin by crypto analyst PlanB will be for the third month in a row.

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Bitcoin will exceed $ 98,000 in value by the end of November, according to PlanB, and if the prediction is correct, stimulus testing investments will continue to generate a 58% return from today’s market price.

Related: El Salvador is buying another 420 hot bitcoins

El Salvador announced Bitcoin as legal tender on September 7th and has since started reinvesting its U.S. dollar reserves to buy Bitcoin.

President Nayib Bukele announced the inclusion of 420 bitcoin on October 28, bringing the national reserve to 1,120 BTC worth $ 87.4 million.

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According to Bukele, an equal amount of its dollar reserves will be reinvested to fund various initiatives once the country sees a return on its Bitcoin investment. As a result, the total value of El Salvador’s national reserves will remain at the original value in US dollars.