Mizuho Bank Investigation Says $ 24 Billion In U.S. Stimulus Checks Could Be Used To Buy Bitcoin – Bitcoin News



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On March 15, 2021, Mizuho Securities Co., a wholly-owned subsidiary of Mizuho Financial Group, revealed the results of a new investigation that found much of the stimulus money to find its way into the stock markets and the cryptocurrency economy. Participants in Mizuho’s survey made 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 Investigation Estimates $ 24 Billion In Stimulus Checks Could Be Used To Buy Bitcoin

Japan’s investment banking and securities firm, Mizuho Securities, recently surveyed 235 people who earn less than $ 150,000 a year. The survey looked at stimulus spending or what they expect Americans to buy with direct checks. Of the massive $ 1.9 trillion relief plan signed by US President Joe Biden, $ 380 billion is earmarked for direct stimulus checks. The recently released survey says the bank estimates that around 10% or $ 40 billion of stimulus funding will end up in stocks or buying bitcoin (BTC).

“The survey predicts that bitcoin will account for 60% of total additional capital spending. We calculate that this could add up to 2-3% to Bitcoin’s current market value of $ 1.1 billion, ”says Mizuho CEO Dan Dolev.

After Americans received direct stimulus checks for $ 1,200 and then $ 600, it was assumed that many people were spending their funds on cryptocurrency. For example, in mid-April, Coinbase CEO Brian Armstrong tweeted about a chart that showed a peak in deposits of $ 1,200 on the San Francisco-based exchange. The latest bill says Americans who earn $ 75,000 a year or less will receive a payment of $ 1,400. Couples who earn $ 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 funding.

Mizuho survey participants ‘prefer Bitcoin to stocks’

It was also widely reported this week that Americans are already receiving stimulus funds from the US government. Of the 235 participants in the Mizuho Securities survey, 200 said they expected stimulus payments in the “next few days.” About two in five recipients of direct stimulus checks say part of the funds will be allocated for investment purposes. The survey also noted that survey participants “also prefer bitcoin over stocks.”

When it comes to stocks, survey participants mentioned buying stocks in companies like Square, Paypal, Mastercard and Visa. With bitcoin (BTC) included with these financial heavyweights, financial technology (fintech) appears to be at the forefront of investing. Besides Mizuho Securities, Goldman Sachs chief US equity strategist David Kostin said US households will push net demand for equities to new levels. “We expect households to be the biggest source of demand for stocks this year,” Kostin explained.

What do you think of the recent survey released by Mizuho Securities that estimates Americans will buy bitcoin and stocks with their stimulus money? Let us know what you think of this topic in the comments section below.

Tags in this story

$ 24 billion, $ 380 billion, $ 40 billion, Bitcoin, Bitcoin (BTC), cryptocurrency, direct checks, direct payments, investment, Mizuho Securities, Mizuho survey, stimulus, stimulus checks, stocks, survey, survey participants

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