Nearly 10% of the money distributed among United States citizens in the form of $1,400 stimulus checks could flow into Bitcoin, a study released by Mizuho Securities on Monday suggests.
The study, which questioned nearly 235 U.S. citizens with less than $150,000 in household income, found that 200 expected to receive their third stimulus check over the following days, with 40% of of them planning to invest at least a portion of the money in stocks or Bitcoin. What's more, the respondents further showed a preference for Bitcoin over stocks. Dan Dolev, Mizuho Securities' managing director and the person leading the team that conducted the study, commented:
The survey predicts that Bitcoin will account for 60% of total incremental investment spend. We calculate it could add as much as 2-3% to Bitcoin's current $1.1 trillion market value.
Dolev also made some stock recommendations based on which companies he believes will see the most profits originating from the cash injection. He expects the prices of Visa, MasterCard, PayPal, and Square's stocks to increase. The only company among those that do not currently offer exposure to Bitcoin to its customers is MasterCard, although the firm announced plans to integrate cryptocurrencies last month.
Payments giant PayPal already allows its users to buy Bitcoin and other major crypto assets in their virtual wallet. Visa, on the other hand, announced early last month that it is piloting a new application-programming interface allowing institutions to easily buy Bitcoin. Square not only provides Bitcoin exposure to its customers, but goes as far as directly exposing itself via a 5% allocation to the asset.