Nearly $40B in US Stimulus Checks May Be Spent on Bitcoin and Stocks: Mizuho Survey

Nearly $40 billion of the latest round of direct stimulus checks could be spent on bitcoin and stocks, according to a new survey.

• The research by Mizuho Securities estimates that, of the $380 billion total, close to 10% could be used to purchase the two asset types, Yahoo Finance reported Monday.
• Nearly two in five of Americans expecting to receive checks in the coming days anticipated using a portion of them to invest, the company found.
• Bitcoin is expected to account for 60% of the total invested, which could add add as much as 3% to the cryptocurrency's market value, according to Mizuho Securities Managing Director Dan Dolev.
• Dolev cited a number of crypto-adjacent companies that he believes will benefit investors most should they wish to invest in equities: Visa, Mastercard, PayPal and Square.
• The survey polled roughly 235 Americans with less than $150,000 in household income, of which around 200 expected to receive payments from the latest round of stimulus.
• The $1.9 trillion COVID-19 relief package recently signed into law by President Joe Biden would see eligible Americans receive checks for $1,400.

See also: Mizuho Analyst: Bitcoin Will Make PayPal ‘Center of People’s Financial Lives’