On March 15, 2021, Mizuho Securities Co., a firm wholly-owned subsidiary of Mizuho Financial Group, revealed the findings of a new survey that says a great deal of stimulus money will find its way into stock markets and the cryptocurrency economy. Participants in Mizuho’s survey made less than $150k per year and estimates suspect 10% of the $380 billion in direct stimulus checks will go toward bitcoin and stocks.
Mizuho Securities Survey Estimates $24 Billion from Stimulus Checks May be Used to Buy Bitcoin
Japanese investment banking and securities firm, Mizuho Securities, recently surveyed 235 individuals who make less than $150,000 annually. The survey covered stimulus expenses or what they expect Americans to purchase with the direct checks. Out of the whopping $1.9 trillion relief package signed by U.S. President Joe Biden, $380 billion is appropriated for direct stimulus checks. The recently published survey says that the bank estimates around 10% or $40 billion worth of the stimulus funding will find its way into stocks or purchasing bitcoin (BTC).
“The survey predicts that bitcoin will account for 60% of total incremental investment spend. We calculate it could add as much as 2-3% to bitcoin’s current $1.1t trillion market value,” explains Mizuho managing director Dan Dolev.
After Americans received direct stimulus checks for $1,200 and then $600, it has been assumed that lots of people spent their funds on cryptocurrencies. For instance, in mid-April Coinbase CEO Brian Armstrong tweeted about a chart that showed a spike in $1,200 deposits on the San Francisco-based exchange. The latest bill says Americans who earn $75,000 per year or less will get a payment for $1,400. Couples who earn 150k or less per year can get up to $2,800 and a couple with two children could receive up to $5,600 in direct stimulus funding.
Mizuho Survey Participants ‘Prefer Bitcoin Over Stocks’
It has also been widely reported this…