A fresh survey conducted by Mizuho Securities on March 15, 2021, has revealed that nearly 10 percent of American residents eligible to receive President Biden’s $1,400 COVID-19 stimulus checks in the coming days, are looking to invest it in bitcoin (BTC).
Americans Prepare to Buy More Bitcoin
Since March 12, 2021, the U.S. Internal Revenue Service (IRS) under the President Joe Biden administration has been sending out stimulus packages to eligible residents and the exercise is expected to continue throughout the next couple of weeks.
Notably, as required by the stimulus relief legislation, single adults will receive a one-time payment of $1,400, married couples who jointly filed for the relief package will get $1,400 apiece, while families will get $1,400 for each eligible dependent irrespective of the person’s age.
Now, according to the findings of a fresh survey conducted by Mizuho Securities, a Japan-based investment banking and securities company that has been in existence since 1917, nearly 2-in-5 U.S. residents eligible to receive the stimulus package have made it clear that they will use a portion of the funds to buy bitcoin (BTC).
Bitcoin Market Cap to Surge
Mizuho says it surveyed 235 individuals with less than $150,000 of household income and roughly 200 respondents said they expect to receive their checks in the coming days, making it clear that they preferred bitcoin over stocks.
In total, eligible Americans will receive $380 billion in direct stimulus checks in the coming weeks, and about 10 percent of that amount or nearly $40 billion will be used by recipients to buy bitcoin and the stocks of some innovative firms like Jack Dorsey’s Square, PayPal and MasterCard, which recently announced plans to add support for cryptocurrencies.
Dan Dolev, managing director of Mizuho Securities said:
“The survey predicts that bitcoin will account for 60 erecnt of total incremental investment spend. We calculate it could add as much as 2-3 percent to bitcoin’s current $1.1 trillion market capitalization.”
The price of bitcoin (BTC) reached an all-time-high of over $61k for the first time ever last weekend. However, the price of the flagship crypto have failed to move higher since that time and is currently trading at $55,957.
Even with their unpredictable nature, bitcoin and other cryptocurrencies continue to match steadily towards mainstream adoption.
At press time, the total market capitalization of the global cryptocurrecy market sits at $1.72 trillion.