10 percent of American residents in two different polls disclosed that they plan to use their $1,400 stimulus checks to buy Bitcoin and other cryptocurrencies.
The Harris Poll surveyed over 1,000 Americans to shed light on their plans for the stimulus checks they have received or plan to receive. The IRS has disbursed some checks and plans to disburse more in the next ten days.
43 percent of the respondents said they already used the money on necessities like groceries or rent, while 36 percent said they have put the check-in their savings. At the same time, others responded that they used theirs to pay debt.
15 percent of respondents who indicated they saved their stimulus checks said they invested the funds, with more than half of them specifying they bought cryptocurrencies.
The data gathered by Harris poll is not much different from data gathered by Mizuho Securities. The Japanese investment bank found out that 10 percent of its survey respondents intend to use their funds to buy Bitcoin or stocks.
Nearly 2-in-5 check recipients expect to use some portion of their stimulus checks to invest as recipients prefer Bitcoin over stocks, according to the survey.
Respondents who chose Bitcoin were significantly higher than those that chose stock.
There is a slight rise by 3 percent in the number of Americans who chose to invest in cryptocurrency with their checks now than when they previously received the stimulus check in March 2020.
Then, 15 percent invested part of the relief fund, with 7 percent specifically investing in cryptocurrency.
What stimulus checks investment mean for crypto price?
It is important to note that both surveys, which were carried out online, were administered to a tiny percent of the entire American population—just 1,00 respondents. Hypothetically, however, what could happen if these funds are allocated in cryptocurrency could be predicted.
$1,200 (the amount of the first checks) would have bought 0.18 BTC as the asset’s price traded around $6,600 at the time, 7.5 ETH, or 37,500 ADA. With today’s prices, these amounts would equal $10,440 (if invested in Bitcoin), $13,500 (allocated in Ethereum), and a whopping $52,500 (in Cardano).
Potentially if 10 percent of the American population invests their checks in cryptocurrency no doubt a slight or significant rise in the prices of crypto would occur as the higher the amount of investment in cryptocurrency the higher the prices of these digital assets.