It’s been just revealed that investment bank Mizuno Securities is saying that tens of billions of dollars could be used to buy Bitcoin as Americans just got a new batch of stimulus payments.
It seems that in the coming days, Americans can expect a total of $380 billion in stimulus checks as part of US President Joe Biden’s $1.9 trillion relief package.
According to Yahoo! Finance, Mizuho polled 235 respondents with a household income of less than $150,000.
Close to two out of five recipients look to invest a percentage of their stimulus checks, and they prefer Bitcoin (BTC) over stocks, says Mizuho.
The online publication the Daily Hodl motes that “The survey reveals that 10% of the $380 billion aid, or $38 billion, will be used to buy Bitcoin and stocks. Of that $38 billion, Mizuho says recipients plan to invest $22.8 billion in the flagship cryptocurrency.”
According to official notes, “The survey predicts that Bitcoin will account for 60% of total incremental investment spend. We calculate it could add as much as 2-3% to bitcoin’s current $1.1 trillion market value.”
Raoul Pal addresses investing in Bitcoin
Bitcoin has been growing in popularity, and the king coin is still enjoying its momentum.
Raoul Pal just said that investing in anything else but Bitcoin is pretty pointless these days.
In a recent talk with Ash Bennington on Real Vision Finance, Pal said that Bitcoin is the only asset class that has witnessed a legit long-term rally when compared to the Fed’s balance sheet.
“It is the key denominator now of asset prices. The dollar is not the denominator. We should be using the Fed balance sheet. When you divide the S&P by the Fed balance sheet since 2008, the S&P’s traded in a range, as has gold, as has real estate, which is the top end of the range, equities are in the middle of the range. They basically offset the growth of the balance sheet. The only asset that’s obviously done differently is Bitcoin,” he said.