US citizens who invested their first bitcoin subsidy returned 45.5%: From $ 1,200 in April to around $ 1,750 today as the cryptocurrency price $ 10,200 exceeded.
Larry Kudlow, a White House financial advisor, recently confirmed this in an interview with CNN Americans will receive another $ 1,200 check as part of a new incentive package $ 1 billion announced on July 23.
However, It seems that many citizens have not yet received their first check, although he did United States Treasury Department she began to publish in late March. Steven MnuchinFinance minister said the second payment would come in August: For some, this could mean November if the sales process remains unchanged.
Bitcoin or rent?
These subsidies are intended to alleviate the economic difficulties faced by citizens who have lost their jobs or whose income has decreased significantly due to the pandemic.
However, as Cointelegraph reported in April, Many people did not use these funds to buy basic products or to avoid displacement from their homes, but to invest in cryptocurrencies. Brian Armstrong, Coinbase CEO, announced that the number of deposits has increased fourfold to exactly $ 1,200 in April.
Online responses to news about a new subsidy exam, Combined with the recent surge in Bitcoin (BTC) prices, they suggest that many traders will reinvest these funds in cryptocurrencies.
“I’m going straight to BTC, straight to the cold wallet.”, commented user Restricted Visibility on Reddit. “Everything you get goes directly to Bitcoin like last time,” said rapierce0238.
Do subsidies increase the price of Bitcoin?
The announcement that U.S. citizens would receive an additional $ 1,200 from the government came a few hours before Bitcoin’s price rose to a new monthly high of $ 10,315.
So, It looks like BTC has finally exceeded the $ 9,000 to $ 9,500 rangewithin which it oscillated for several weeks.