By Hassan Mehmood (Saudi Arabia)
The ongoing pandemic has rendered the US economy crippled. Millions of people have lost their jobs, and many major branches of the big businesses have closed down. However, at the risk of devaluating the dollar, the US government has started to issue a series of stimulus checks to the public since April 2020. After getting elected, the 46th president of the United States, Joe Biden, has also confirmed another relief bill in the same vein.
By the decree of these relief bills, the American citizens would be granted $1,400 in stimulus checks. In a poll conducted by Yahoo Finance, most citizens reported having spent their stimulus checks on necessities like Rent and groceries (43%), loan payments (32%), and personal savings (36%). However, 15 percent of the Harris Poll recipients plan to spend their grant on investment options. More than 50% of these potential investors are planning to put their money on Bitcoin and other cryptocurrencies.
According to recent reports, Bitcoin has acquired the position of 3rd most traded asset in the world. This is a big landmark that solidifies the position of cryptocurrencies as the future trading exchange base in the future. Such a flux of consumers and investors is made possible by the movement of big-time whale investors like Tesla, PayPal, VISA, MicroStrategy, and Square Inc., etc. The cryptocurrency market is also undergoing a major change as third-generation crypto assets like Cardano have started to close in on Ethereum and Bitcoin.
Also read:Why Cryptocurrencies are attracting Investors
The United States Internal Revenue Service (IRS) has already started to circulate stimulus checks through major banks of America. The current installment of stimulus checks would distribute a money grant worth $100 million in 10 days. In the first and second round, the IRS stimulated an installment of $242 billion and $422 million.
If the check recipients were to invest their income in major cryptocurrencies like Bitcoin, Ethereum, and Cardano, it would set off a major money multiplication effect in the economy. All of these currencies have been appreciated several thousand folds and are still riding the bull wave. Since the current distribution of money can invoke USD’s devaluation, many big investors based in America have switched to Bitcoin or other cryptocurrencies to hedge their loss.
Is Japan going to Turn into a Major Crypto Hub?
Another survey conducted in Japan by Mizuho Securities Ltd. showed a prominent interest of Japanese people in cryptocurrencies. The survey conducted under the supervision of Japan’s investment giant indicates that about 10% of its participants plan to invest in Bitcoin or other stocks. Numbers in favor of Bitcoin investment dominate this percentage. More surveys conducted by different investment organizations are prompting names like Goldman Sachs and JP Morgan to start crypto-based ventures.
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