Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency

Nothing screams confidence in the U.S. economy more than swapping Federal Reserve-issued money for a digital hedge against the mainstream financial system.

The U.S. Government issued more than 80 million stimulus checks, each for $1,200, last week. To be deposited directly into bank accounts, the payment is intended to give citizens affected by the coronavirus a few extra dollars to pay for essentials, things such as food and utility bills.

But it appears that some proportion of Americans, instead of spending their stimulus check at Walmart, Amazon or wherever, may have decided to swap their dollars for crypto.

Coinbase CEO Brian Armstrong tweeted earlier on Friday that his exchange had experienced a sudden spike in the number of buys and deposits worth $1,200. Up until mid-April, around 0.1 percent of total buys and deposits had been for $1,200, then it suddenly spiked: up nearly 0.4 percent this week, around the time many Americans started receiving their stimulus checks.

Of…