RATE Group | Data Suggests Some Americans May Be Buying Crypto With Stimulus Check
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Data Suggests Some Americans May Be Buying Crypto With Stimulus Check

20 Apr Data Suggests Some Americans May Be Buying Crypto With Stimulus Check

Posted at 00:28h in Cryptocurrency News by

A chart published by Brian Armstrong, CEO of United States crypto exchange, Coinbase, suggests that a small portion of the American population may be using their coronavirus stimulus checks to purchase cryptocurrency.

A tweet, published by Armstrong on April 17, shows that the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — recently increased over four times. While the tweet does not explicitly state so, Armstrong’s position at Coinbase may suggest that this is the exchange where the data comes from.

Percentage of buys and deposits worth $1,200 each day

Percentage of buys and deposits worth $1,200 each day. Source: Twitter

Coinbase did not answer Cointelegraph’s request for more information by press time.

Financial aid for a pandemic-struck economy

The upsurge in the amount of $1,200 deposits and buys coincides with when residents began receiving stimulus checks, making the stimulus appear to be the most likely source of those funds. 

The stimulus checks are meant to ease the economic hardship…

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