Now, Americans are spending their stimulus cash on crypto

From the looks of it, some US citizens look to be spending their stimulus cash on cryptocurrency. According to Binance, the company has seen a spike in $1,200 deposits over the last couple of days.

The U.S. government issued more than 80 million stimulus checks, each for $1,200, last week. To be deposited directly into bank accounts, the payment is intended to give citizens affected by the coronavirus a few extra dollars to pay for essentials, things such as food and utility bills.

But instead of spending their stimulus check at stores, a good number of Americans have decided to swap their dollars for crypto.

According to a tweet from Coinbase, the exchange had experienced a sudden spike in the number of buys and deposits worth $1,200. Up until mid-April, around 0.1% of total buys and deposits had been for $1,200, then it suddenly spiked nearly 0.4% this week, around the time Americans started receiving their stimulus checks.