RATE Group | Data Indicates US Residents are Purchasing Cryptocurrency With Stimulus Payment
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Data Indicates US Residents are Purchasing Cryptocurrency With Stimulus Payment

19 Apr Data Indicates US Residents are Purchasing Cryptocurrency With Stimulus Payment

Posted at 13:15h in Cryptocurrency News by

Data Indicates US Residents are Purchasing Cryptocurrency With Stimulus Payment April 19, 2020 April 19, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY

Brian Armstrong, CEO of the US cryptocurrency exchange, Coinbase, has posted a chart which indicates that a minute percentage of the country’s residents may be utilizing the coronavirus related stimulus check to invest in cryptocurrencies.

Armstrong’s tweet on April 17 indicates the average value of deposits and purchases has in recent times grown by 400% to $1,200, matching the stimulus payment.

Even though the tweet does not openly indicate that, Armstrong’s designation at Coinbase makes crypto enthusiasts believe that it is the exchange from where the data has been obtained.

The sharp rise in the amount of deposits and purchases, matching with stimulus payment of $1,200, indicates that the government paycheck as the likely origin of funds.

The stimulus payments are aimed at reducing the economic difficulty faced by…

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