Almost 1 In 10 Americans Used Stimulus Checks To Invest In Cryptos: Survey

By RTTNews Staff Writer | Published: 3/18/2021 10:19 AM ET

Of those who received the first federal stimulus payment issued in March 2020, most spent the money on necessities, but 15 percent invested part or all of their extra funds, with 7 percent investing specifically in cryptocurrency. This trend held for the second round of stimulus checks too.

Two-thirds or 67 percent of Americans say they expect to receive a stimulus payment from the pandemic relief bill that Congress just passed this month. Off these, 17 percent are looking to invest the funds, while 41 percent of those who plan to invest are planning to invest in cryptocurrencies.

Meanwhile, it is seen that 10 percent of those in higher income households, making more than $100,000/year, invested in cryptocurrencies using the first stimulus check, compared to just 3 percent of individuals in households making less than $50,000/year.

Slightly more or 13 percent invested in cryptocurrencies with the second stimulus check, and 14 percent plan to do the same, assuming they receive the next stimulus check.

The survey data shows that Americans are looking for safe havens for their extra cash and experimenting with increasing their holdings if possible, with stimulus check investment in cryptocurrencies remaining so stable throughout the pandemic.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe