According to Coinbase, the number of deposits has quadrupled with an exact amount of $ 1,200 this week. Such information could indicate that Americans are using the government-supplied check to invest in crypto, which highlights the Coinbase case.
Investing in crypto is always the best option!
Brian Armstrong, CEO of Coinbase, released a graph of the percentage of purchases / deposits with an exact amount of $ 1,200, a number that is also included in U.S. government checks. to face the corona virus.
This graphic raises an important question: is investing in crypto the best option for American citizens? Is Coinbase your immediate goal?
United States Economic Rescue Plan
Recall that, according to CNN, US lawmakers recently signed a $ 2 trillion economic contract that would send checks directly to citizens in the middle of the crisis.
So since the main economic bailout plan has been approved in the U.S. USA Throughout its history, people have been waiting for the moment to receive the $ 1,200 promised by the government.
These checks were delivered this week, according to CNN. However, it is likely that some people will get it slowly. In addition, it should be noted that it is consistent with the Coinbase diagram and there is evidence of a possible relationship between checks and crypto investments.
According to the government, the Internal Revenue Service (IRS) is expected to make around 60 million direct deposit payments, while 5 million printed checks are processed simultaneously each week.
So the question is: what do people do who have already received the money from the United States government? Investing in crypto is task number 1?
Invest in cryptocurrencies in the face of the crisis
Coinbase, the largest crypto exchange in the United States, is represented in 32 countries and has more than 30 million users worldwide.
Armstrong, CEO of Coinbase, posted a spreadsheet on Twitter that shows the number of deposits made on its platform, with an exact amount of $ 1,200 that increased 400% last week.
In this way, it is strange that it matches the amount that the United States government has deposited under the stimulus package.
As a result, many members of the crypto community believe that much of this money has been used for Bitcoin or cryptocurrencies in general. If so, it would show that investing in crypto is always the best option.
However, CNBC found that Bitcoin is not on the main shopping list with the stimulus check. Most of this extraordinary income is spent on food and petrol.
So there is no way to be 100% sure that this money will enter the crypto ecosystem. However, investing in crypto remains a good option in the midst of the crisis.