15% of US citizens who received stimulus checks from the government invested all or part of it on cryptocurrencies, specifically Bitcoin and Ethereum. This was discovered in a research by The Harris Poll on behalf of Yahoo Finance.
Specifically, the poll reports how the first wave of stimulus issued in March 2020 was spent. Well, 15% of citizens invested these funds, and 7% allocated them to cryptocurrencies. The same percentage for the second wave of stimulus checks.
What the research shows is that those who received financial support did not just spend it out of necessity, e.g. to buy food or pay rent. Some were able to put this money aside, or even invest it.
There is one discriminating factor, however, which is the starting income. The analysis notes that only 3% of those from households earning less than $50,000 a year invested the first round of stimulus checks in cryptocurrencies. The other 10% already had incomes of $100,000 a year. Basically, those who already had high annual incomes were able to channel their stimulus checks into cryptocurrencies.
There are also those who did not keep the money for themselves. About 10% of Americans have allocated the money they received from the state to family or friends in need. A solid 12% plan to do the same with their next financial aid.
Next stimulus checks will also be invested in cryptocurrencies
With regard to the next stimulus checks, which are expected in March 2021, a significant fact is that 17% of the survey respondents plan to invest it, and 41% of this fraction specifically mentioned cryptocurrencies.
Essentially, for these people who describe themselves as in need, cryptocurrencies are a safe haven asset:
“With stimulus check investment in cryptocurrencies remaining so stable throughout the pandemic, with general investments increasing overall, and with more Americans putting stimulus money into their savings, it appears Americans are looking for safe havens for their extra cash and experimenting with increasing their holdings if possible”.
In short, cryptocurrencies and Bitcoin more specifically, confirm themselves as a safe haven asset.