After weeks and weeks of promises, the past few days have seen millions of tax-paying Americans receive their $1,200 (or less if you're a high-income earner) tax-free checks from the U.S. government.<\/p>\n
Due to the fact that over 22 million Americans have lost their jobs over the past month due to the COVID-19 outbreak, much of this money went to food<\/a>, rent, mortgage payments, medicine, and other essentials. But some are splurging their cash, spending it on Bitcoin.<\/p>\n Yeah, really, they're spending their free money from the government on our favorite orange coin.<\/p>\n As crazy as this may sound, Bitcoiners eligible to receive the free money from Uncle Sam have done are doing what they do best: stacking sats.<\/p>\n Guy Bennett, BitcoinorBust, and El Barto are among those embroiled in the cryptocurrency community to have spent their $1,200 stimulus checks on satoshis, and sats only. For some context, $1,200 can buy around 0.17 BTC at current prices.<\/a><\/p>\n What's crazy is that serious data indicates that it's far from only three individuals that decided to blow their $1,200 on Bitcoin.<\/p>\n Brian Armstrong, CEO of Coinbase, noted that his company processed exponentially more $1,200 purchases of cryptocurrency yesterday that it does normally, with the % of buys or deposits that are exactly $1,200 growing from an average of ~0.08% to 0.375% on Wednesday.<\/p>\n ? pic.twitter.com\/uhz7Od3skX<\/a><\/p>\n — Brian Armstrong (@brian_armstrong) April 16, 2020<\/a><\/p><\/blockquote>\nInvestors spend “helicopter money” on Bitcoin<\/h2>\n
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