The US decided to back the population with the help of a stimulus that is worth $1,200.
People might be investing their stimulus in crypto
It’s been revealed not too long ago, that the US Treasury Dept. is sending coronavirus stimulus payments to eligible US residents but some of the recipients are sending the money straight to the crypto portfolio.
Daily Hodl reveals that the Coinbase CEO said that the exchange sees a sudden spike in the number of people who are depositing exactly $1,200.
— Brian Armstrong (@brian_armstrong) April 16, 2020
As we noted above, this is the exact same amount of money that the US government gives citizens to help them get over the economic impact of the coronavirus pandemic.
As you know, the pandemic has triggered a global crisis, and in order to back the people and the falling industries, governments all over the world are in a money printing spree these days.
It’s been highlighted by more analysts that this is the perfect scenery for Bitcoin to boom and enter a long term bull run.
Traders convert their government checks to Bitcoin
There are also a few relevant posts that reached the Bitcoin subreddit from traders who have been claiming that they quickly converted their government checks to BTC.
According to the latest reports, House Democrats Tim Ryan and Ro Khanna are now proposing a new bill that would increase the amount of relief cash payments to $2,000 on a monthly basis until the economy returns to the levels from before this crisis began.
“As millions of Americans file for unemployment week over week, we have to work quickly to patch the dam — and that means putting cash in the hands of hard-working families.”
At the moment of writing this article, Bitcoin is trading in the green and the coin is priced at $6,940.40 USD.
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