Survey says Americans could spend up to $40B from stimulus on Bitcoin
More than 60% of respondents stated they would prefer to invest their $1,400 in BTC over the stocks.
Many U.S. citizens are expected to get $1,400 payments regarding U.S. President Joe Biden approving a $1.9 trillion stimulus package in law last week. Current polling suggests that much of these funds could end up in the cryptocurrency market.
A survey released recently from Mizuho Securities expects that 10% of the approximately $400 billion in funds distributed directly to U.S. citizens could be utilized to buy BTC and stocks. The Mizuho Financial Group subsidiary studied 235 people with a family income below $150,000. Up to 40% of respondents stated they would spend the direct payments in BTC and stocks, with 61% stating they would choose BTC over Stocks.
“BTC is the preferred investment option among check recipients. It covers almost 60 percent of their incremental spend, which might mean $25 billion of incremental spend on BTC of stimulation checks," wrote Dan Dolev and Ryan Coyne, Mizuho analysts. "This represents 2 to 3 percent of BTC's present $1.1 trillion market capitalization."
Biden signed the $1.9 trillion package, acknowledged as the American Rescue Plan, in law on March 11. It includes $1,400 payments for several individuals earning below $80,000, with dependents involved in each household’s total - e.g. a family of three could get $4,200. Several Americans have already reported getting the funds via direct deposit, while other citizens are waiting for paper checks in the mail.
This is the 3rd direct payment to financially support those hit by earnings insecurity through the COVID-19 pandemic. Administrators provided many Americans with $1,200 direct payments in April 2020 and $600 checks in January 2021. Cryptocurrency users who spent the full $1,200 on BTC last year may have realized as much as $10,000 in profits as of the time publication, following the asset’s increase to more than $60,000 in 2021.
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