Americans Bitcoin investment to rise with stimulus fund

Binance crackdown

Americans Bitcoin investment in the coming weeks is set to rise as many citizens are committing their next stimulus funds to Bitcoin investment.

Sources in the White House have confirmed that by Monday, plans for second stimulus funds payout in the country should have been approved. The stimulus funds, just like the ones paid between March and April, this second batch is to cushion the effects of the COVID-19 fallout.

After Americans received their first stimulus pay in April, many opted to use the money to invest in crypto rather than buying groceries or paying rent.  The ‘gamble’ then paid off as now those who invested have made around 54 percent profit on their money.

Americans Bitcoin investment surge was evident after they received the first stimulus package when crypto exchange firms like Coinbase and Binance reported a spike in exactly $1,200 equivalent deposits on their platforms.

Coinbase CEO Brian Armstrong said at that time that the number of $1,200-worth deposits and buys on the exchange climbed by nearly 400% that month pointing how high Americans Bitcoin investment rose.

History set to repeat itself with Americans Bitcoin investment hike

As the check for the second round of stimulus package set to clear, Americans have made up their minds to invest the money in cryptocurrency. Wocketman0351, a Reddit user, started a thread asking that who else would convert their free government money straight to BTC?

An anonymous user on the platform replied, saying straight to the BTC, straight to the cold storage wallet. Rapierce0238, another user on the platform, said what I get will go straight to Bitcoin, just like last time.

It’s the easiest way to avoid hitting the inflation from the stupid Fed continuously printing money was Girafferage’s opinion.  Another anonymous user responded, saying I will be buying more car parts and Bitcoin. We have plenty of food because we’ve been stocking up all summer.

Possible outcome of high Bitcoin investment

With ‘so much’ investment set to be pumped into the crypto market, one can only predict that Bitcoin price would only go bullish after so much investment.

Recently, however, Bitcoin price has stalled on $9k and broke into the $10k range after a long time and took the bull by the horn to reach $11k earlier on Monday. Analysts also have been bullish on BTC this year, predicting that the crypto would hit its all-time high of 20K before the end of the year.

At the time of writing this report, BTC trades at $10,852.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Hong Kong classes exchanges under a new framework
Ethereum price analysis: ETH consolidates around $1,266.74 as bulls strive to push prices higher
ApeCoin Price Prediction 2023-2031: A strong buy sentiment for APE?
Litecoin price analysis: LTC faces a bearish pullback after hitting $77.18 resistance
District0x Price Prediction 2023-2031: What Drives the DNT Price?

Follow Us

Industry News

Hong Kong classes exchanges under a new framework
Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies

Add Your Heading Text Here