How Stimulus is Used
A recent BoA survey has shown, about a third of Americans would use the third $1400 stimulus check to clear debts, buy food and other necessities or pay the mortgage. About 9%, though, were planning to invest their stimulus money into stocks and cryptocurrencies. The majority of them were going for Bitcoin – and with the sum of their potential investment roughly estimated at $24 billion, that could be really bullish for the coin.
Less Impact than Anticipated
Now, at the end of May, it looks like the stimulus has had less impact than the crypto exchanges had hoped for. The investments are coming in – but, according to Coindesk and Kraken, there haven’t been any major spikes in crypto deposits. Why? Well, it could be that the hike in the price of Bitcoin is to blame, or that the demand for crypto investments is naturally decreasing as the economy recovers.
However, the crypto industry still puts many hopes on future checks. Biden and Congress are currently discussing the fourth stimulus payout, while the sum of proposals has gone up to $6 trillion. And, as Snowden recently commented, it looks like good news for Bitcoin. We’ll have to wait and see.
Were you eligible for a stimulus check? If yes, what did you do with it?
