A chart published by Brian Armstrong, CEO of United States crypto exchange, Coinbase, suggests that a minor portion of the American population may exist using their coronavirus stimulus checks to purchase cryptocurrency.

A tweet, published by Armstrong on April 17, shows that the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — recently increased over four times. While the tweet does not explicitly state and then, Armstrong's position at Coinbase may suggest that this is the exchange where the information comes from.

Percentage of buys and deposits worth $1,200 each day

Percentage of buys and deposits worth $1,200 each day. Source: Twitter

Coinbase did not answer Cointelegraph's asking for more information by press time.

Financial aid for a pandemic-struck economic system

The upsurge in the amount of $1,200 deposits and buys coincides with when residents began receiving stimulus checks, making the stimulus announced to exist the most probable source of those funds.

The stimulus checks are meant to ease the economic hardship suffered past many U.South. residents who lost their jobs or are seeing much lower income amid the pandemic.

Many production activities, specially client-facing social activities such equally restaurants or cinemas, closed worldwide to help stop the spread of the coronavirus. These closures take left many without a source of income.

Equally the Washington Post recently reported, even low-income Americans who practise non file tax returns accept the correct to receive the bundle. Parents are entitled to an boosted $500 per child.

Every bit Cointelegraph previously reported, the demand for the stimulus checks is and then corking that the servers of some banks were unable to manage the request and failed to piece of work properly. About 80 one thousand thousand U.Due south. residents accept admission to assist.

Wayne Chen — CEO of Interlapse and founder of virtual currency platform Coincurve — recently told Cointelegraph that the stimulus parcel may push the Bitcoin (BTC) marketplace upwards.