In 2020, the Coronavirus Aid, Relief and Economic Act provided payments of $1,200 to eligible adults and another $500 for those with qualifying children.
The CARES Act was the first of three rounds of stimulus payments for Americans since March 2020.
The Tax Relief Act of 2020 in December declared additional payments of $600 per eligible adult and up to $600 for those with qualifying children.
The American Rescue Plan Act of 2021 provided an additional $1,400 payment to eligible adults and up to $1,400 for those with qualifying children.
Here is a look at the return a consumer would have had if they put their stimulus checks ($1,200, $600 and $1,400) into leading cryptocurrencies like Bitcoin, Dogecoin and Ethereum on the respective dates of April 11, 2020, December 29, 2020, and March 12, 2021.
Stimulus Checks in Bitcoin: Investing in Bitcoin (CRYPTO: BTC) with a portion of stimulus checks may have been a popular option for investors and people looking to store some of the payment from the US government.
Bitcoin traded at $6,926 on April 11, 2020, $27,370 on December 29, 2020 and $57,996 on March 12, 2021. A person who put all $3,200 from the stimulus checks into Bitcoin would have been able to purchase a total of 0.219 of the cryptocurrency. Based on a price of $42,588.24 for Bitcoin today, that $3,200 would now be worth $9,326.
Related Link: How To Invest In Cryptocurrency With Your Stimulus Check
Stimulus Checks in Dogecoin: The meme cryptocurrency known as Dogecoin (CRYPTO: DOGE), which has gained interest and value thanks to support from people like Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, was also a place some people put their stimulus checks.
Dogecoin traded at $0.0020 on April 11, 2020, $0.0046 on December 29, 2020 and $0.0570 on March 12, 2021. A person who put all $3,200 from the stimulus checks into Dogecoin would have been able to purchase 754,996 Dogecoin. Based on a price of $0.2079 today, that $3,200 would now be worth $156,963.
Ethereum traded at $161.17 on April 11, 2020, $737.95 on December 29, 2020 and $1,839.50 on March 12, 2021. A person who put the $3,200 into Ethereum would have been able to purchase 9.02 of the coins. Based on a price of $2,906.61 for Ethereum today, that $3,200 investment would now be worth $26,218.
Stimulus Checks In All 3 Cryptocurrencies: A more diversified approach from an investor could have seen investments in Bitcoin, Dogecoin and Ethereum. Splitting the $3,200 into equal investments of the three cryptocurrencies on the respective stimulus payout days would have given an investor .0731 Bitcoin, 251,665 Dogecoin and 3 Ethereum. The three cryptocurrencies would be worth $64,154 today based on equal investments from the three stimulus checks.