Americans started to receive their stimulus checks to help fuel the domestic economy. How much of that money will be spent on buying Bitcoin or other cryptocurrencies, will be rather interesting to observe.
Stimulus checks are coming
Every citizen will receive roughly $1,200 in “extra money” thanks to the government and Federal Reserve.
Since the coronavirus crisis began, a lot of people have been struggling to make ends meet.
How much difference these stimulus checks can make, remains a matter of debate of speculation.
Recipients are free to spend this money however they see fit.
Many Bitcoin enthusiasts expect a lot of the money to flow into cryptocurrencies over the coming weeks.
If that is the case, the coronavirus will be a catalyst for broader Bitcoin adoption after all.
Injecting this $2 trillion into the US economy should have a positive effect for the country during the coronavirus crisis
That being said, the stock markets are still very volatile, as more money flows to alternative investment options.
For now, Bitcoin and gold have proven to be far more appealing compared to stocks, treasuries, and bonds.
That said, the Bitcoin halving is just around the corner, which may lead to even more price volatility during Q2 of 2020.
Source: JP Buntinx - TheMerkle