US Corona stimulus check deposits into Crypto skyrockets

Brian Armstrong, CEO of US-based crypto exchange Coinbase sent out a funny graph the other day. It showed that Americans are spending the full amount of their $1,200 Corona stimulus cheques in cryptocurrency. Coinbase, the leading crypto exchange on American soil, could easily show that deposits of that exact amount have skyrocketed in the past week.

Americans bullish on Bitcoin

Binance, the other major cryptoexchange of CEO Changpeng Zhao also confirmed the trend. A spokesperson for their US branch confirmed “People do seem to have deposited exactly $1,200 into Binance.US in the past couple of days.”

Furthermore, last Thursday, when the cheques were received, was apparently also the single largest day for USD deposits into Binance.US for more than a month. We’re guessing that most people understand that the printing sound coming from the Federal Reserve does not exactly mean their dollars are in any way increasing in value.

The Corona stimulus cheques are part of the US government’s plan to render a helping hand to  citizens as the coronavirus pandemic continues. Thus far, some 22 million Americans have so far lost their jobs.  

Coincurve CEO predicted rise

Wayne Chen, CEO of Interlapse and founder of virtual currency platform Coincurve, also predicted the investment, stating at the beginning of April: “I think people will generally still be holding crypto even after the stimulus package… I don’t think an extra [thousand dollars] of extra pay into their bank account is going to trigger a huge buy activity in the whole cryptocurrency market.”

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