From the looks of it, some US citizens look to be spending their stimulus cash on cryptocurrency. According to Binance, the company has seen a spike in $1,200 deposits over the last couple of days.
The U.S. government issued more than 80 million stimulus checks, each for $1,200, last week. To be deposited directly into bank accounts, the payment is intended to give citizens affected by the coronavirus a few extra dollars to pay for essentials, things such as food and utility bills.
But instead of spending their stimulus check at stores, a good number of Americans have decided to swap their dollars for crypto.
According to a tweet from Coinbase, the exchange had experienced a sudden spike in the number of buys and deposits worth $1,200. Up until mid-April, around 0.1% of total buys and deposits had been for $1,200, then it suddenly spiked nearly 0.4% this week, around the time Americans started receiving their stimulus checks.