Approximately 10% of stimulus checks could go toward Bitcoin (BTC) purchases and stocks, according to Dan Dolev from Mizuho – which recently performed a survey asking respondents what they plan to do when they get their stimulus checks.
Dolev, whose comments came during a CNBC ‘Power Lunch’ interview, provided key insights into the company’s survey results and methodology.
The survey from Mizuho found that an estimated $40 billion out of $380 billion in direct stimulus checks may be allocated towards Bitcoin and stocks. Interestingly, the stimulus check recipients said they now prefer the leading crypto over stocks, the survey revealed.
Dolev claims that Mizuho surveyed around 200 people and they “kept the average household income to around $150,000.” But he clarified that the actual household income was about $55,000 (so the $150k was the very high end and the limit, so any amount above that was not included in the survey).
Mizuho claims that its recent survey mainly “hit those who expect to get stimulus checks,” so it should be a “very clean” survey since they should have a really representative sample.
Dolev further noted that 60% of the people they surveyed said they’re not going to invest anything into Bitcoin or stocks. About 40% said they expect to invest at least “something” ranging from anywhere between 0 to 20%, 20 to 40%, 60% or higher (of their total stimulus check money), Dolev added.
He also mentioned that if we take 10% of the total amount of stimulus checks expected to be issued, then it comes out to $40 billion that could go towards Bitcoin or stocks.
Responding to a question about what percentage of people in the US with an average household income of $55,000 who own Bitcoin or stocks right now, Dolev stated that it was a good question but he didn’t know the answer to it.
Despite the economic challenges many American households are now facing, 61% of Mizuho survey respondents said they’ll buy Bitcoin while 39% said they’d purchase stocks with stimulus money.
According to Mizuho, Bitcoin is “a bigger investment vehicle than stocks.”
Dolev added that “either way we look at it, the numbers are very [interesting or consistent.]” He pointed out that “if you have three people in your household, you are expected to spend about 19% of your check [or income] on stocks on Bitcoin so the amount of investments going to [these financial instruments] actually increases from from 1 person or a single filer to a joint filer … and then drops down if you’re [a household] of four or more.”
He further noted “that tells me that if you have like four individuals say two kids and a couple, then you really need the money and you’re not going to spend as much money [on such investments].”