Coinbase reports a surge in people investing their $1200 stimulus check in crypto

Coinbase CEO Brian Armstrong revealed that the crypto exchange had experienced a drastic surge of $1,200 deposits, coincidentally the same amount the federal government is giving each eligible individual amid pandemic.

The eligible American citizens are receiving bank checks of the coronavirus stimulus package aimed at helping them cope up with the pandemic challenges. However, crypto exchange Coinbase has revealed that some of the people are using these stimulus payments to invest in cryptocurrencies. Coinbase CEO Brian Armstrong revealed that the exchange has seen an uptick in $1200 deposits, which is the same amount governments is giving to citizens. 

US citizens are investing their stimulus payments in crypto. 

Earlier, the US government announced a $2.2 trillion stimulus package to revive the economy and help people get through the pandemic. The government announced to give one time $1200 payment to eligible citizens to help get through the coronavirus pandemic. However, several politicians and experts had argued that one-time payment would not be enough for some people, and a monthly stimulus payment should be offered to citizens until the economy is closed. If the claim by Coinbase is valid, then the market cap of the cryptocurrency will rise by the day, as the halvening event approaches. 

 

22 million people file unemployment in the United States. 

So far, 22 million people in the United States have filed for unemployment claims. The number of unemployment claims has been rising quite exponentially because of the lockdown and global pandemic. State unemployment offices are so overwhelmed that several people are still waiting for unemployment payments weeks later. The pandemic has created havoc all over the world as unemployment claims rise, and the economy crashes. 

Stimulus payments for many people in the country still have not reached as President Trump wanted for every check to have his signature on them. Earlier, US President Trump announced to suspend the funding to the World Health Organisation, blaming the group for not acting early enough to curb the outspread and not being transparent enough with the US. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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