In response to the economic struggles triggered by the coronavirus pandemic, the US government sent out a series of stimulus checks to Americans. Not everyone was eligible for these payments, but most Americans qualified and that included most young people. Now, a survey has revealed that many of those youngsters invested their stimulus checks in crypto assets such as Bitcoin.
A survey conducted by CNBC and Momentive found that 11 percent of the 5,530 interviewees between the ages of 18 and 34 had purchased cryptocurrency with the money received from the stimulus payments.
Furthermore, 60 percent of those who took part in the survey stated that they think digital assets are long-term investments.
Why invest in Bitcoin?
Bitcoin, which is a decentralized digital currency, started to be traded in 2009. Over the following decade, more and more people started trading this asset and its value went up and down, like a regular stock. For young people, Bitcoin has often been viewed as simpler to access than the stock market and its popularity has steadily risen.
The main reason why young people might want to invest stimulus check money in Bitcoin is because it’s easier to put the funds there, compared to other alternatives.
Furthermore, most of those who have invested their stimulus check money in Bitcoin have made a profit already. According to Bitcoin Stimulus, anyone who invested their 1,200 dollars of stimulus checks in Bitcoin in April of 2020 would now have 8,700 dollars’ worth of the cryptocurrency.
Will there be a fourth stimulus check for investment in Bitcoin?
Other surveys have shown that many Americans have already spent the money they received from the government via the stimulus checks. This was the aim of the programme, of course. So, many who may now want to invest in Bitcoin may have to wait for a fourth stimulus check.
Is a fourth stimulus check coming, though? Well, it doesn’t look likely. There are some politicians calling for another round of checks to be sent out, but most believe that the third stimulus check was the last, at least on a federal level.
