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Following the approval of the trillion-dollar stimulus programme by US officials, many Americans got their own stimulus checks. According to a recent survey, Mizuho Securities poll, US people have agreed to bring these funds to good use.
Dan Dolev, Managing Director of Mizuho, estimated that roughly 10%, or approximately $40 billion, of the $380 billion in direct stimulus checks “will be used to buy Bitcoin and stocks.”
According to the report, Bitcoin, the flagship crypto currency, will account for “60 percent of overall incremental investment expenditure.” The Mizuho team calculated that this purchase could contribute as many as “2-3 percent” to Bitcoin’s overall market cap of $1.1 trillion.
The survey covered roughly 235 respondents with a household income of less than $150,000. Around 200 of these respondents said they wanted the third step of the direct stimulus checks to come shortly.
Other than Mizuho, Bitcoin bulls have made similar estimates. Earlier today, Galaxy Digital founder Mike Novogratz said that many young Americans will use their stimulus checks to invest in Bitcoin.
Meanwhile, a big investment banking company made a similar prediction. Goldman’s chief US equity strategist, David Kostin, predicted that households will be “the primary driver of equity demand this year.” The outlook for household nett equity demand has been increased from $100 billion to $350 billion, implying “faster economic growth and higher interest rates” than previously thought.