Survey: $40 billion in stimulus checks received by U.S. residents may have been used to buy Bitcoin

More than 60% of respondents said they would choose to invest their $1,400 check in Bitcoin rather than stocks.
Many Americans are expected to receive $1,400 checks after President Joe Biden signed a $1.9 trillion economic stimulus package into law last week, and a new survey suggests much of that money could end up in crypto markets.
A survey released today by Mizuho Securities estimates that 10% of the approximately $400 billion in funds provided directly to U.S. residents could be used to buy Bitcoin (BTC) and stocks. Mizuho Financial Group surveyed 235 people with household incomes below $150,000. A whopping 40% of respondents said they would invest the funds they received directly in Bitcoin and stocks, and 61% said they would choose Bitcoin over stocks.

“Bitcoin was the investment of choice for check recipients. It accounted for nearly 60% of incremental spending, which could mean $25 billion in incremental spending from stimulus checks,” said Mizuho analysts Dan Dolev and Ryan Coyne. “This only represents 2% to 3% of Bitcoin’s current $1.1 trillion market cap.”
Biden signed the $1.9 trillion COVID-19 relief package into law on March 11. It includes $1,400 in subsidies for many individuals with incomes below $80,000, including dependents per household, so, for example, a family of three could receive $4,200. Many Americans have reportedly received the money via direct deposit, while others are waiting for paper checks to be mailed.
This is the third time the United States has provided direct financial assistance to those affected by income insecurity during the COVID-19 pandemic. In April 2020, lawmakers provided many U.S. residents with direct relief payments of $1,200, and another $600 check in January of this year. Cryptocurrency users who invested all $1,200 in Bitcoin last year may have gained as much as $10,000 as of the time of publication, after Bitcoin rose to more than $60,000 this year. (Cointelegraph)