Americans are diverting their stimulus checks to cryptos, survey suggests

A new survey conducted by Harris poll has revealed that nearly 7% of Americans have spent their latest round of stimulus checks on Bitcoin and other cryptocurrencies.

Harris Insights in its latest pool involving over 1,000 Americans from the age of 18 disclosed that some beneficiaries of President Biden’s $1.9 trillion relief package have already thrown their checks at cryptocurrencies. Undoubtedly, some of the investors may be sitting on a decent profit depending on when and what they bought.

Away from digital assets, 29% of respondents said that their financial status had worsened following the global coronavirus pandemic. While 52% said that their financial state was relatively the same, another 20% claimed that they were in a better position now than before.

A whopping 53% of respondents said that they would spend their newest stimulus check on cryptocurrencies. This correlates with the increasing narrative that fiat currencies are failing. Investors are turning to digital assets to safeguard their wealth and hedge against inflation. Some analysts have pointed out that investing the previous check of $1,200 would have yielded more than $9,000 at current market prices.

Just yesterday, comedian Graham Elwood unveiled his plans to spend his $1,400 stimulus check on Bitcoin.