Bitcoin took a devastating blow next to the rest of the financial world on Black Thursday. But unlike other assets, the top cryptocurrency has grown and become tremendously ever since the best performing asset of 2020 by any means.
Emergency relief checks sent to US taxpayers meant to boost economic activity only served to boost Bitcoin’s bullish momentum, and months later the asset is trading well above its previous record levels. This is what investors have earned by entering their stimulus check in Bitcoin, and why investors will do this even more often with the second round of government funding.
Church 2.0: Cryptocurrency was created to separate money from the state
It was for this reason that Bitcoin was created in the first place and designed to be both decentralized and non-sovereign. By separating money from the state, citizens are liberated from the control fiat currencies provide to governments through central banks.
The urgent need for a way out only recently became apparent when the money supply led by central banks got out of hand trying to give the economy a boost.
To hide the fact that the government is printing more money left and right that citizens pay the tax in one way or another, politicians have crept in a direct payment of $ 600 to US taxpayers.
But the more money the government prints, faster inflation will get out of hand, and soon the first $ 1,200 and the second round of $ 600 begin to look more like a “loan” given out to taxpayers that they will pay back for the rest of their lives.
This is just one of the many reasons investors were tired of paying for government-induced inflation and taxes, put their stimulus money in Bitcoin.
Bitcoin's chart compared to when stimulus money was issued through today | Source: BTCUSD on TradingView.com
Buying Bitcoin with Incentive Money Can Protect Value, Opt Out of Failing Fiat System
Investing in Bitcoin in 2020 is a breeze. The cryptocurrency is more accepted than ever before, it has entered a new parabolic phase and bull market, and according to analysts, this is just the beginning.
Making the decision even easier is the fact that the former $ 1,200 check invested in Bitcoin would have generated an ROI of $ 3,000 that exceeded the $ 1,200 filed. Converting $ 1,200 into $ 4,200 is extremely attractive, and another $ 600 invested in Bitcoin could be even more profitable given the asset’s momentum and expectations of reaching $ 100,000 or more in a year .
Related reading | Ethereum beats Bitcoin, gold and stocks in stimulus check investments
But beyond just the return on the stimulation moneywhich makes sense given that it will attribute to inflation for decades to come, there are more reasons to put fiat funding into crypto.
A breakdown of where the new stimulus money goes, it appears a trail of power to other countries and to the US military. If U.S. taxpayers are going to pay this $ 600 indefinite check, the benefits should go to them, too.
This is just another way that proves how badly the U.S. government is handling monetary policy, and the only way to opt out of this broken system is to buy Bitcoin.
So while the government is giving you money that you will likely pay forever, you can use it to fix the problem and protect the money you get.
Featured image from Deposit Photos, Charts from TradingView.com