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Nexo

From Broke To Bitcoin: The Post-Pandemic Rags To Riches Story

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0

The pandemic has brought about tough times on many. The economy is struggling, jobless claims are rocketing, yet thanks to Bitcoin, there could be a happy ending to this story.

Here’s how even those down and out could theoretically turn rags to riches through their stimulus and relief money.

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$1,200 Stimulus Check Invested In Bitcoin Now Worth Nearly $2,000

The impact of the pandemic on the global economy has been unprecedented and is only just beginning. While things may look bleak for the economy and especially those struggling financially already, there may be an opportunity for some to turn what little stimulus money is coming in into something a lot more valuable.

According to the Internal Revenue Service, stimulus checks began being issued on Saturday, April 11. The maximum individual US taxpayers would receive was $1,200.

Almost immediately, buy orders of Bitcoin in the exact amount of the stimulus money being issued began to spike, revealed Coinbase CEO, Brian Armstrong.

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RELATED READING | WHY THE SECOND U.S. STIMULUS ROUND COULD STIMULATE A BITCOIN RALLY

Those who bought BTC for $1,200 on April 11, 2020, and held it though today would now have $1,944. Before the rejection over the weekend, the $1,200 investment would have been worth as much as $2,112 at the peak.

$2,000 in Bitcoin could someday be life-changing money for many, but this is just one chapter in this rags to riches story.

btcusd stimulus check investment bitcoin

BTCUSD $1200 Stimulus Check Invested Over Time | Source: TradingView

Storytime: Turning Tragedy Into 1 BTC, 1 BTC Into Millions

After the stimulus checks went out, a Twitter account was created, designed to track the progress of the $1,200 investment much as we have outlined above. The journey of this investment, like Bitcoin, has had plenty of ups and downs.

When the cavalry did arrive in the form of cold hard cash and stimulus money, it didn’t just come via a one-time check of $1,200. Those who received added pandemic relief and unemployment assistance received up to an additional $600 per week.

Those payouts began on April 15, 2020, just days after the stimulus checks went out. According to the Twitter account that tracks stimulus investments, stacking that $600 weekly investment in BTC on top of the initial $1,200 check would have resulted in owning 1.20 BTC.

RELATED READING | GOLD SETS RECORD HIGH AHEAD OF SECOND US STIMULUS, WILL BITCOIN FOLLOW?

That amount of Bitcoin now totals roughly $13,000, but even that isn’t how this happy story ends on a high note. However, owning one full Bitcoin is truly a feat when there’s only 21 million that’ll ever exist.

Top investors like Max Keiser and Tim Draper are calling for Bitcoin to reach hundreds of thousands to possibly millions per BTC.

If any of those scenarios play out, anyone who took the risk of putting all of their stimulus relief money into Bitcoin could become incredibly wealthy.

In no way should anyone consider doing without necessities like groceries, or paying bills just to buy Bitcoin. The real moral of this story is although times are now tough, Bitcoin could be an insurance policy for future wealth, and now may be the time to load up.

Featured image from Unsplash.
Charts from TradingView.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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