Coinbase Reveals A Spike In Crytpo Traders Who Might Invest Their Stimulus
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
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.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.