After weeks of promises, millions of tax-paying Americans have received their $ 1,200 tax-free checks (or less, if you’re a better earner) from the U.S. government in the past few days.Due to the fact that over 22 million Americans lost their jobs due to the COVID 19 outbreak last month, much of this money has been used for groceries, rent, mortgage payments, medicines and other essentials. But many also squander their money – or spend it on Bitcoin.Yes, really, they’re spending their free government money on our favorite orange coin.
Investors use “helicopter money” for Bitcoin
As crazy as that may sound, Bitcoiners who are eligible to receive Uncle Sam’s free money did what they do best: they collect Sats (from Satoshi – the smallest Bitcoin unit).Guy Bennett, BitcoinorBust, and El Barto are among those involved in the cryptocurrency community who have spent their $ 1,200 stimulation checks only on Satoshis and Sats. Specifically, this means: With $ 1,200 you can buy about 0.17 BTC at current prices.Crazy about it: Serious data indicate that it is by far not just three people who have decided to spend their $ 1,200 on Bitcoin.