Survey: 2 in 5 Americans to invest stimulus checks into Bitcoin

CryptoSlate

A new survey found investors were more likely to bet on Bitcoin and other cryptocurrencies ahead of stocks with the proceeds from the upcoming round of stimulus checks.

The checks are coming for Bitcoin

Japanese megabank Mizuho found in a recent survey that stimulus check recipients in the US were more likely to invest in Bitcoin and other cryptocurrencies ahead of traditional stock offerings, as per a report on markets outlet MarketWatch.

How To Get Free Crypto  

Mizuho said over 20% of check recipients were expecting to allocate as much as 20% of their stimulus checks to Bitcoin and/or stocks. 13% of those were likely to allocate 20% to 80% into the markets, while 2% wanted to invest over 80% of their checks into the markets.

The rather small survey, a poll of just 235 individuals, found 2 in 5 surveyed individuals (40%) were looking to invest their entire $1,400 stimulus check into cryptocurrencies. Mizuho extrapolated this data to find out how much of the $380 billion in direct checks would make it to the crypto market—concluding that over $40 billion was, hence, on the way into the nascent sector.

“Bitcoin is the preferred investment choice among check recipients. It comprises nearly 60% of the incremental spend, which may imply $25 billion of incremental spend on bitcoin from stimulus checks,” said Mizuho analysts Dan Dolev and Ryan Coyne. They added the figures represented 2-3% of Bitcoin’s current $1.1 trillion market cap.

Stimulus finds a way

Stimulus checks have been doled out to citizens in the US since last year to combat the ill-effects of the ongoing coronavirus. These are supposed to help families lead normal lives until the economy is back to normal.

Coinbase Banner  

But while there are some who depend on the checks, a significant percentage of the US population invests the proceeds into financial markets or real estate instead. 

Some in the Bitcoin space say the stimulus checks could be worth multiples in the future if recipients choose to buy Bitcoin instead of cashing them out. The first round of checks (of $1,200) would have now been worth over $11,000 if they were invested into Bitcoin.

Meanwhile, Mizuho’s survey shows similar results reached by recent surveys in other countries.

A UK survey (of over 2,000 citizens) from earlier this month concluded over 70% of all surveyed investors were likely to invest in Bitcoin this year, with 31% of respondents expecting the asset to cross the $69,000 price level and 18% expecting even bullish levels of over $130,000 or more.

But not everyone was happy. Some respondents of that survey felt they had already missed the boat and that investing in Bitcoin at these were levels was risky. Wonder what the US investors think of that.

FreeBitcoin Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

Real-time charts

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.