Mizuho Bank Survey Says $24 Billion in US Stimulus Checks May Be Used to Buy Bitcoin – Bitcoin News

The 15th. On March 20, 2021, Mizuho Securities Co. a wholly owned subsidiary of Mizuho Financial Group, released the results of a new study showing that much of the stimulus money will end up in equity markets and the crypto-currency economy. Respondents to Mizuho’s survey earn less than $150,000 a year and estimate that 10% of the $380 billion in direct stimulus checks will go to bitcoin and stocks.

Mizuho Securities Review estimates that $24 billion of the stimulus check could be used to buy bitcoin

Japanese investment banking and securities firm Mizuho Securities recently surveyed 235 people who earn less than $150,000 a year. The survey referred to the cost of incentives or what Americans are expected to buy with direct checks. Of the massive $1.9 trillion aid package signed by U.S. President Joe Biden, $380 billion is for direct stimulus checks. According to a recent report, the bank estimates that about 10%, or $40 billion, of this funding will end up in bitcoin (BTC) holdings or purchases.

The study predicts that bitcoin will account for 60% of all additional investment. We estimate that this could add as much as 2 or 3 percent to bitcoin’s current $1.1 trillion market value, says Dan Dolev, CEO of Mizuho.

After Americans received instant stimulus checks for $1,200 and then $600, it was assumed that many people had spent their money on cryptocurrencies. In mid-April, for example, Coinbase CEO Brian Armstrong tweeted about a chart that showed a $1,200 increase in deposits on the San Francisco exchange. Under the latest bill, Americans earning $75,000 or less per year would receive a $1,400 stipend. Couples earning $150,000 or less per year can receive up to $2,800, and a couple with two children can receive up to $5,600 in direct stimulus funds.

Mizuho survey participants prefer bitcoin over stocks

It was also widely reported this week that Americans are already receiving stimulus money from the US government. Of the 235 respondents to Mizuho Securities’ survey, 200 said they expected to receive incentive payments in the coming days. About two in five recipients of direct incentives indicate that some of the funds will be used for investment purposes. Respondents also indicated a preference for bitcoin over stocks.

As for stocks, respondents said they buy shares in companies such as Square, Paypal, Mastercard and Visa. With bitcoin (BTC) being one of these financial heavyweights, financial technology (fintech) seems to be at the forefront of investments. In addition to Mizuho Securities, David Kostin, chief equity strategist for the US at Goldman Sachs, also thinks that US households will push net demand for equities to new levels. We think households will be the main source of demand for stocks this year, Kostin said.

What do you think of a recent study by Mizuho Securities that suggests Americans will buy bitcoin and stocks with their stimulus money? Let us know what you think in the comments below.

Tags in this story

24 billion, $380 billion, $40 billion, bitcoin, bitcoin (BTC), cryptocurrency, direct payments, investments, Mizuho Securities, Mizuho survey, incentives, incentive checks, stocks, survey participants

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