When US officials just announced their plans for the $1 trillion stimulus package, BTC’s value on the crypto market surged past $9,500, breaking a long period of low volatility, where the crypto was estimated to fluctuate between $9,000 and $9,500 in pricing. Is a similar thing going to happen with the second stimulus package?
The CEO of coin exchange, Coinbase, Brian Armstrong, said earlier this year that Americans are investing their stimulus checks of $1,200 in Bitcoin. The same thing is expected to happen with the second stimulus check, issued by the US treasury.
— Brian Armstrong (@brian_armstrong) April 16, 2020
Due to the coronavirus pandemic, millions of Americans lost their jobs, so the president of the US Donald Trump decided to deliver stimulus paychecks to alleviate the economic hardships that the pandemic stirred up.
Treasury Secretary Steven Mnuchin has announced that the second stimulus payment is set to be administered in August. Crypto enthusiasts and experts believe that many people will invest their other check-in bitcoin also. At the time of writing, bitcoin went from $9940 to $10,236.
Americans who invested their first stimulus checks towards BTC were rewarded for doing so, and experienced a 45.5% return, from $1,200 in April to approximately $1,750 at the time of writing, as BTC surged past $10, 200 just now. Although most of them are expected to invest their money on goods and services, it is an excellent option to spend the money in bitcoin, considering the gains after the investments of the first stimulus.