The lockdowns’ effects on the economy were disastrous, and most people couldn’t survive without financial assistance. This gave rise to the CAREs Act and the $1,200 stimulus checks for everyone earning less than $75,000.
How Did You Spend Your Stimulus Money?
Unfortunately, many people spent their stimulus money without caution. So, how did you spend yours? Whichever way you spent it, it would be worth about $8,765 today if you used it to invest in bitcoin.
Bitcoin’s value has been appreciating steadily since the COVID-19 pandemic hit – it has been since before the pandemic. The cryptocurrency is currently valued at more than $40,000, several times more than it was worth in March 2020.
Additionally, the dollar’s value has been depreciating gradually – it has been since before the pandemic struck. Consequently, your $1,200 stimulus check would have appreciated in value by about eight times as a result of these forces.
Protect Your Money Today
It is prudent to protect your money and use it wisely. Investing your stimulus money in bitcoin would have served both purposes.
The pandemic has increased inflation in the U.S. to the point that basic goods such as gas are becoming increasingly unaffordable. Inflation has the effect of reducing the dollar’s value, reducing your money’s purchasing power.
It is like a covert tax, and it tends to last longer than expected. Unfortunately, the government is still offering handouts and maintaining restrictions that are holding the economy back.
Bitcoin is finite and unregulated. Its value depends entirely on the prevailing forces of demand and supply. It is immune to government regulations and policies that foster inflation, and it is currently worth a thousand times more than it was initially worth.
Its value is also projected to keep increasing, albeit it is dynamic and often depreciates temporarily. It is an ideal alternative to the dollar (and other fiat currencies) to protect your money against inflation.
In addition to protecting your money, bitcoin will also enable you to grow it. Bitcoin’s price has increased by about eight times since march, as mentioned. It is also projected to keep appreciating for the foreseeable future. Overall, it is an ideal way to maintain and create wealth.