Do Americans use their auxiliary checks to buy Bitcoin (BTC) on Coinbase?

 The CEO of Coinbase assumes that the Americans use some of their auxiliary checks to buy Bitcoin. At the very least, there has been an increase in deposits on Coinbase since these checks were issued.


Buy Bitcoin using auxiliary checks

According to the CEO of the well-known crypto exchange Coinbase, Brian Armstrong, the amount of the deposit of $ 1,200 has more than quadrupled this week. At their peak, they even made up 0.4 percent of all deposits.


US taxpayers get short-term checks

Given that this increase in deposit coincided with the receipt of short-term checks for US taxpayers, it is not difficult to guess where this money came from.As U.S. President Donald Trump announced, all adult Americans are receiving aid because of the coronavirus pandemic, which continues to have a severe impact across America.The IRS recently started sending out payments to almost 80 million people. Individuals whose gross annual income does not exceed $ 75,000 are entitled to the $ 1,200 checks.According to a CNBC survey, most Americans spend this money on food and gas. Bitcoin is nowhere on the list, but there are already posts on social media channels in which people write and also show that they are using it to buy cryptos.