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US Citizens Might Be Buying Cryptocurrencies With Stimulus Check, Suggests Coinbase Data

A portion of the US population may be spending their COVID-19 stimulus check on digital assets, as per the indications of a data set divulged by Coinbase CEO.

A chart published by Brian Armstrong, the CEO of digital asset exchange Coinbase, hints that a trivial percentage of the US population may be using their COVID-19 stimulus checks to purchase virtual currencies.

It is to be noted that the increase in the amount of twelve hundred USD deposits and purchases accords with when citizens started getting stimulus checks, making the stimulus appear to be the most probable source of the funds to purchase those crypto assets.

The stimulus checks are intended to decrease the economic adversity suffered by many United States residents who lost their jobs or are able to fetch much lesser income amid the contagion.

Numerous business activities, particularly customer-facing activities like cafeterias or cinemas, are closed worldwide to help halt further proliferation of the coronavirus. The aforementioned closures have led to erosion of a regular source of income for many individuals.

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