Bitcoin worth the risk for stimulus check recipients despite pressing needs: poll
Most Americans who expect to receive the next round of stimulus checks from debt relief laws will use the money to buy necessities and pay off debts, but some are still willing to invest in cryptocurrencies like bitcoin (BTC), according to a new survey.
The study, conducted by Harris Poll on behalf of Yahoo Finance, found that 15% of those who received the last two rounds of incentive checks invested all or part of the money in investments. Of this group, about half are invested in cryptocurrencies like bitcoin and especially Ether (ETH).
This trend is expected to continue when the first of the final incentive checks is sent out at the end of March, according to the survey. The number of recipients who plan to invest a portion of their check rises to 17% this time around, while the total number of cryptocurrency check buyers remains fairly stable at 41% of the potential investor base.
Paying for basic needs such as rent, food and medicine was a major concern for those surveyed. 62% of respondents indicated that they needed money to meet their basic needs.
A significant percentage were still able to save money on the first (36%) and second (33%) incentive cheque, and the latest responses show that this figure should rise to 40% when the third cheque is issued.
High-income households are more likely to experiment financially with COVID-19 incentive funds. Of those surveyed from households earning more than $100,000 per year, 10% invested in cryptocurrencies using the first funding check and 13% using the second. This time a rate of 14% is expected. By comparison, only 3% of households earning less than $50,000 per year were able or willing to invest in cryptocurrencies.
The survey was conducted among 1,052 adults in the U.S. in an online environment, so of course the data is skewed. Another recent study, with a much smaller sample size, found that about 10% of the $400 billion allocated to individuals in the next round of incentive selection could end up in bitcoin.
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