Are Stimulus Checks Pumping Bitcoin? | This Week in Crypto – Mar 22, 2021

People are using their stimulus checks to buy BTC, India is closer to banning crypto completely and banks just can’t ignore Bitcoin anymore. These stories and more, this week in crypto.

According to a new survey conducted by Mizuho Securities, many Americans who just received their stimulus checks are planning to use the funds to purchase BTC and other cryptocurrencies. An impressive two out of every five survey takers said they planned to purchase bitcoin with at least some of the money they received. According to estimates that could mean nearly a $40 billion inflow into the market.

According to a new report issued by financial giant JPMorgan, the crypto investing world is presently being ruled by retail investors, who bought nearly 15,000 more bitcoins than institutions during the first quarter of 2021. While institutional investors dominated the final months of 2020, it appears that large-scale activity has fallen back a bit in the new year.

Following much speculation, it looks like India is getting ready to propose a full ban on all crypto trading and related activity. While the law hasn’t passed yet, crypto holders are likely to incur financial penalties, while miners might even face prison time for extracting new coins should the law get the greenlight.

Global banking giant Deutsche Bank, issued a report devoted exclusively to Bitcoin. According to analysts Bitcoin’s market capitalization of $1 trillion and potential for continued growth have made the cryptocurrency “too important to ignore,”. Deutsche Bank suggested that Bitcoin’s price “could continue to rise” further as long as asset managers and companies continue to enter the market but expect it to remain highly volatile in the short term.

Wall Street investment bank, Morgan Stanley, is launching access to funds that enable ownership of bitcoin. Morgan Stanley is only allowing its wealthier clients with at least $5 million to access the bitcoin funds, which are managed by Galaxy Digital, a crypto firm founded by Mike Novogratz.

According to data accumulated by Compound Capital Advisors, not surprisingly bitcoin is the top-performing asset of the decade. The currency has managed to provide returns of more than 200 percent in the past year alone, and since 2011, the asset’s cumulative gains exceed a whopping 20 million percent, easily beating out traditional investments such as the Nasdaq and the gold market.

Grayscale—provider of one of the world’s largest bitcoin trusts—has unveiled five new trusts that will allow its customers to gain exposure to lesser-known altcoins. The trusts will give traders a chance to explore and invest in Filecoin, Chainlink, Basic Attention Tokens, Livepeer and Decentraland, a virtual reality platform that utilizes its own cryptocurrency.

The Oakland As have surprised crypto fans by listing all ticket prices in bitcoin, becoming the first Major League Baseball team to do so. If you’re interested in going to see an Oakland A’s game, you can pay for a full suite (which seats up to six people) for the price of one bitcoin.

That’s what’s happened this week in crypto. See you next week.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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