US investors once again plan to use stimulus checks for Bitcoin

The United States' government is preparing to start delivering the second round of stimulus checks to its citizens. The checks, as many likely know, is the authorities' way of easing the economic hardship caused by the coronavirus pandemic.

The pandemic caused millions to lose their jobs, struggle with issues like rent, paying bills, and more. The first round of checks came earlier this year, in late March. Back then, each citizen received $1,200, as part of the $1 trillion stimulus package.

Interestingly, however, many Americans chose not to use the money for buying groceries, paying bills, and similar purposes. Instead, they used their checks to invest in cryptocurrencies, and especially Bitcoin (BTC).

Now, as the government prepares to start issuing checks again, many are wondering if history will repeat itself.

Americans who invested in BTC saw major returns

Back in April, after the first checks started to arrive, Coinbase CEO Brian Armstrong shared that the number of deposits including exactly $1,200 skyrocketed for several days. No one openly said that Americans are using their stimulus checks to invest in crypto, but it definitely seemed like that.

Since then, Bitcoin's price has surged by quite a bit, especially considering that this was soon after the March price crash. These days, BTC price jumped to roughly $10,200, meaning that anyone who invested $1,200 in April and had decided to hold their coins, now has around $1,750, which is quite a decent return on their investment.

The crypto community members on Reddit openly shared their plans to invest the amount delivered by the second check. Interestingly enough, such news may be exactly what is driving BTC price up, or at least, what might help it keep moving up.

With many already planning to invest, and others at least considering it after seeing the earnings made by the first check investors, the second stimulus package might see even more people buy BTC with their upcoming money.