The United States Internal Revenue Service (IRS) has begun sending out $1,200 stimulus checks to individuals, $2,400 checks to married couples, and even more to people with children. Apparently, some individuals have decided to invest their entire stimulus check into cryptocurrency according to data from Coinbase.
The CEO of Coinbase, Brian Armstrong, has sent out a tweet showing the percentage of buys/deposits that are exactly the same size as the $1,200 stimulus check. It shows that it jumped from 0.1% to nearly 0.4% last week. This seems to be a clear confirmation that some people have taken their entire stimulus check and deposited it on Coinbase.
Further, BinanceUS has simultaneously noted a surge in $1,200 deposits. This surge coincided with the biggest day for deposits on BinanceUS in over a month. This indicates that the trend of people depositing their entire stimulus check to buy crypto is not confined to Coinbase.
Overall, it seems like an excellent idea to use the stimulus check to buy Bitcoin (BTC) right now, if people can afford it. The block halving is only 3 weeks away and a major Bitcoin (BTC) rally is anticipated. Therefore, converting the stimulus check into crypto could end up being the best way to grow the $1,200 stimulus check into something much more.