US citizens use their $1200 checks to buy cryptocurrencies

by in Cryptocurrency News


Recently, the United States issued 80 million checks for Americans worth $1,200. Checks were issued to help citizens affected by the coronavirus so that they could buy needs, food, and pay utility bills.

However, it seems that some Americans just decided to exchange their dollars for cryptocurrencies.

On April 17, Coinbase CEO Brian Armstrong tweeted that the number of cryptocurrency deposits worth $1,200 suddenly increased on the exchange. Until mid-April, deposits worth $1,200 accounted for 0.1% of the total, and last week their share grew to 0.4%. It began precisely when many Americans began to receive their checks.

It is difficult to pinpoint the origin of such deposits. It is even possible that not all of them were from American citizens.

Trending: El Salvador bought an additional 80 BTC amid a drawdown in the course

Despite rising unemployment, most people in America still work and get paid. Perhaps someone decided that so far he can afford to invest money, and not spend it.

The company Binance.US also confirmed in an interview with CoinDesk that it observed an increase in the number of deposits of $1,200 on its platform. At the same time, the company noted that last Thursday was the only day when there was an increase in deposits in US dollars, but did not provide data in figures.