Nearly 1 in 10 Americans have used stimulus checks to buy Bitcoin and Ethereum, according to the latest survey conducted by Harris Poll. About 15% of the Americans, from the previous two rounds of stimulus checks, used the money for investing. Recipients who plan to invest some of their checks increase to 17% this time.
The survey was conducted among 1,052 U.S. citizens aged 18 years and older in an online setting on March 12-15.
The next round of stimulus checks will be used to buy necessities and pay off debts, but some are still willing to invest in cryptocurrencies. The survey reveals that 40% of the respondents have planned to put at least some of the money into their savings, while 17% intend to invest. Of those who are planning to invest the money, 41% will invest in cryptocurrencies.
Among the individuals earning more than $100,000 per year, 10% invested in cryptocurrencies using their first stimulus check, while 13% did with their second check. Moreover, 14% of them are planning to do the same, given they receive the next stimulus check.
Comparatively, just 3% of households making less than $50,000 per year were able or willing to invest in cryptocurrencies. Cryptocurrency investments held steady at 7%, while non-crypto investments such as stocks, bonds, commodities rose slightly to 10%.
Among those 18- to 24-year-old recipients, 19% are planning to put the stimulus fund into traditional investments, while 10% plan on buying cryptocurrencies.
Of the millennials aged between 25 and 40, 20% are putting stimulus money into traditional investments, while 15% are buying cryptocurrencies. For people above the age of 40, both traditional and cryptocurrency investment comes down to only single-digit.
However, Millennials and Generation Z are willing to invest in alternative investments like cryptocurrencies because they feel they can afford to lose the amount.
The Harris Poll is an American market research and analytics company that has been monitoring the sentiment, behaviors, and motivations of American adults since 1963.