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Americans are planning to use stimulus checks to invest in bitcoin and stocks, according to a new survey

Source:

Qualified Americans began receiving a stimulus check of $ 1,400 after US President “Joe Biden” signed a $ 1.9 trillion relief package to counter the Coronavirus.

According to survey data released by “Mizuho Securities Co. Ltd ”, a large number of US citizens may be planning to spend close to 10% of the stimulus money on bitcoin and stocks.

The research estimated that roughly $ 40 billion of the $ 380 billion given directly to Americans could be used to purchase Bitcoin and Equity denominations.

Mizuho Investment and Securities Company surveyed 235 people with household incomes of less than $ 150,000, of whom 200 said they would receive payments from the last round of stimulus.

Up to 40% of respondents said they would invest direct payments in stocks and bitcoin while 61% said they would choose bitcoin over stocks.

The company has determined that nearly two out of five US citizens expect to use the donated funds to make investments, and they specifically plan to invest in stocks and bitcoin.

According to the Mizuho survey, Bitcoin is expected to account for 60% of total investment and the number of people investing could add up to 3% to the market value of cryptocurrencies.

Bitcoin is currently trading at $ 55,300 and has a market capitalization of over $ 1 trillion.

Mizuho has identified a number of companies that focus on crypto, such as:

“Square”, “Paypal”, “Master Card” and “Visa” are believed to benefit investors more if they wish to invest in cryptocurrencies.

Will the Bitcoin price be affected?

President “Joe Biden” signed a $ 1.9 trillion coronavirus relief package to take effect last week on March 11, an incident that will see eligible Americans receive checks for $ 1,400.

The first batch of stimulus checks was processed on Friday last week, as many Americans have already started receiving payments via direct deposits while others are waiting for paper checks to arrive in the mail.

This is the third stimulus package designed to help US citizens financially affected by the Coronavirus pandemic.

US lawmakers approved the first stimulus package in April of last year whereby individuals earning less than $ 75,000 annually would receive $ 1,200 per person.

In January this year, President Trump approved a second round of stimulus payments that provided $ 600 in checks to individuals.

Some market analysts have attributed the explosive growth of Bitcoin to various factors related to the Corona epidemic, including the growing perception that it functions as a form of ‘digital gold’.

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