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Americans ready to pour $40 billion into bitcoin and the stock market as stimulus checks arrive: survey

https://www.yahoo.com/finance/m/958d488a-fbf5-374b-ac0e-5d419f5fef1d/americans-ready-to-pour-40.html

Another round of stimulus checks could provide a shot in the arm for stocks and, especially, bitcoin, according to a survey released Monday by Mizuho Securities.

The poll of 235 individuals who expect to receive checks courtesy of the latest round of COVID-19 relief signed into law by President Joe Biden found that two out of five recipients plan to invest at least some part of the proceeds into bitcoin and stocks. Based on the responses, around 10% of the total gross payments, or around $40 billion of the $380 billion in direct checks, could be allocated to the world’s most popular digital asset and stock purchases.

Bitcoin is the preferred investment choice among check recipients. It comprises nearly 60% of the incremental spend, which may imply $25 billion of incremental spend on bitcoin from stimulus checks,” wrote Mizuho analysts Dan Dolev and Ryan Coyne, in a Monday note (see chart above). “This represents 2-3% of Bitcoin’s current$1.1 trillion market cap.”