Americans who spent stimulus checks on bitcoin are already reaping the rewards

The US citizens who purchased Bitcoin with their coronavirus stimulus checks have already profited to the tune of 35% as bitcoin continues to hover around $9,000 mark. The US government coronavirus stimulus checks arrived in mid-April, many announced their intention to spend it on guns, tigers, and Bitcoin. This was sometime after the price of the leading cryptocurrency was cut in half over two days in mid- March.

Coinbase CEO highlighted the data showing people spent stimulus checks on bitcoin. 

Earlier, Coinbase CEO Brian Armstrong revealed data that showed a nearly four-fold increase in the number of Bitcoin purchases on the exchange worth exactly $1,200, the same amount that was handed by the US government is stimulus checks. Now, Bitcoin buyers had seen returns of 35% since mid-April, when the checks were handed out. The price of bitcoin when checks were handed out on April 13 was $6,674. Since then, the leading cryptocurrency has witnessed a 35% growth. The highly anticipated bitcoin halvening event is also scheduled to take place one week from now. 


COVID 19 death toll in the US continues to increase. 

The US is the hardest-hit country with the coronavirus pandemic in the world. More than 69,000 people have lost their lives in the US because of COVID 19. And over 1.2 million people have been diagnosed positive with COVID 19 in the country, which is highest in any other country in the world. As of today, more than 3.6 million people have been found positive with COVID 19 around the world. The death toll has crossed over 252,000 in the world as numbers continue to increase each day exponentially. Earlier, the US CDC announced that they are expecting the daily death toll to reach 3,000 by June 1. Despite those horrifying numbers, several states in the country are going ahead to reopen the markets and workplaces.