Key Takeaways
- Americans are increasingly spending their stimulus checks on cryptocurrencies
- Survey reveals that 60% of respondents are bullish on crypto as a long-term investment tool
- Positive sentiments could be due to the recent bullish run in the crypto market
The stimulus checks were sent to American citizens by the government on the back of the Covid-19 pandemic.
The survey queried over 5000 respondents on how they spent their stimulus checks.
About 50% of the respondents stated that they had invested their stimulus checks into series of investment.
As expected, stocks dominated the list with 15%, while mutual funds (9%) and exchange-traded funds (6%) completed the list.
In addition, about 60% of the respondents noted that they believed that crypto-assets was an ideal long-term investment vehicle.
However, surprisingly 26% said they were engaging in crypto-assets due to the thrill of the market, while 20% indicated that they believed it was a short-term investment tool.
The survey shows that the growing desire for crypto investment has increased.
However, an initial survey carried by Harris Poll in March noted that only 8% of respondents had invested into cryptocurrencies.
The increase in crypto adoption could be due to the recent bullish run that has engulfed the market in recent weeks.
Leading cryptocurrency bitcoin recently hit $50k, and there is increased market sentiment that another bullish run could be on the way.
It should be noted that during periods of bullish runs, surveys showed a slight increase of respondents towards crypto-assets.
In comparison, bearish periods tend to take the opposite direction.
Finally, the survey also noted that most young Americans preferred to use mobile apps to purchase cryptocurrencies and followed influencers on social media for market analysis.
What are your thoughts on the growing adoption of crypto in America?
