Photo credit: TND
Brian Armstrong, CEO and founder ofCoinbase which is one of the leading cryptocurrency exchange, in one of his recent tweets published a chart suggesting that, a number of US citizens might be purchasing cryptocurrency with their coronavirus stimulus checks.
The chart which is assumed to be from Coinbase, shows a rise(percentage wise) of buys and deposits amounting to $1,200 which is the same value as the stimulus check. If my guess is right, from the chart, it can be observed that the average of "ACH buys/deposits" would be around 0.1 which later this month spiked closed to 0.4. We can conclude that there has been a "x4" significant increase which can be rated to positive sentiments around Bitcoin and other cryptocurrencies.
What has it got to do with Bitcoin
Stimulus checks are occasionally sent by the U.S government to taxpayers in order to stimulate the economy during crisis. The COVID-19 stimulus bill being the recent and largest single economic rescue in the history of America has lead to critisms by many crypto influencers.
Some have argued that, as people will be investing their money for a longer time period, the perfect asset to invest is Bitcoin as crypto enthusiast have suggested.
Wayne Chen, CEO of Interlapse and the founder of virtual currency platform Coincurve, in an interview with Cointelegraph said that, the stimulus package which have been sent to citizens to alleviate the pressure on them might influence the price of Bitcoin to steadily go up but not to its ATH which others are anticipating.