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BCH $507.66 (-7.8%)
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Will Americans Buy BTC Again With Third Stimulus Check?

Will Americans Buy BTC Again With Third Stimulus Check
  • President-elect Joe Biden is preparing his COVID-19 relief plan which includes the third stimulus check of $1,400.
  • Interestingly, some people invested their previous stimulus checks to buy Bitcoin and other cryptocurrencies.
  • Wall Street personalities and political analysts say that President Biden’s third stimulus check proposal will get approved.

Recent news showed that the third stimulus checks of $1,400 are already being prepared. This is part of the COVID-19 relief plan as proposed by President-elect Joe Biden. With this, some are asking if Americans will buy Bitcoin again with their third stimulus check.

Last year, the US gave stimulus checks in two batches. The first was worth $1,200 while the second amounted to $600. Outgoing President Donald Trump wanted to push the second stimulus check to $2,000, only to receive strong dissents.

Interestingly, a good number of people have been investing their stimulus checks to buy bitcoin and other cryptocurrencies. According to Forbes, Coinbase CEO Brian Armstrong revealed a chart showing Bitcoin purchases of $1,200, no less. Binance also reported the same activity.

This shows that while institutional investors contributed a lot to Bitcoin’s increase, these retail investors also had their share. Also, those who invested their first stimulus check on BTC before would have made more than double today.

Meanwhile, Wall Street figures and political analysts agree that President Biden’s third stimulus check proposal will be approved. Some also suggest that Congress would approve the budget between February and March. After this, President Biden needs to sign first before the checks would be distributed.

Previously, the stimulus checks took at least two weeks before they reached the recipients. The IRS distributed them through bank deposits, mailed checks, or prepaid debit cards.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.