Coinbase: Americans invest stimulus payments from the state in cryptocurrency

Crypto News | Cryptocurrencies

The American cryptocurrency exchange Coinbase recorded a sharp increase in the number of deposits by exactly $ 1,200. This week, US authorities also began sending out checks to citizens for which they owed this amount.

Coinbase CEO Brian Armstrong shared statistics on his Twitter, but declined to comment.

According to the presented chart, usually at $ 1,200 deposits account for about 0.08% of all platform revenues. A deviation of up to 0.375% this week is statistically significant to reasonably link it to the latest US government support measures.

Relief checks rely on 80 million US adults earning less than $ 75,000 a year. According to Finance Minister Stephen Mnuchin, they should have received direct transfers to their bank accounts by April 15.

Netspend, which processed about $ 1 billion in relief assistance, said it spent mostly on “food, fast food, medicine, and gas.” Some of the funds are cashed at ATMs.

Participants in the crypto community, including Guy Bennett, BitcoinorBust and El Barto, admitted that they really invested the money received in bitcoin. At the current exchange rate, you can purchase about 0.17 BTC for $ 1,200.

BlockWorks Group co-founder Jason Janowitz said his friend first bought Bitcoin for money received from the state.