Americans are patiently waiting to receive their latest round of stimulus cheques. It appears that some are preparing to buy some Bitcoin.
Based on a recent survey by Mizuho Securities, of the $380 billion total amount of stimulus to be distributed, close to 10% – nearly $40 billion worth of stimulus cheques – may be used to buy Bitcoin and stocks. The survey was based on the responses of 235 individuals with a household income of less than $150,000.
According to Mizuho Securities Managing Director, Dan Dolev, Bitcoin is expected to make up for around 60% of the total invested, which could potentially add as much as 3% to the digital assets $1.1 trillion market valuation.
The COVID-19 relief package recently signed into law by President Joe Biden will see eligible Americans receive cheques worth $1,400. According to CNN, Roughly 90% of American households will be eligible for the stimulus cheques, including dependants. This means that a couple with two children could receive up to $5,600.
The survey found that nearly two in five cheque recipients expect to use some portion of their money to invest, with the majority of recipients preferring Bitcoin over stocks.
One Twitter user pointed out that the previous $1,200 stimulus cheque invested in Bitcoin would be worth over $10,000 today. No wonder Americans are so eager to throw their stimulus cheque into Bitcoin!