In the recent days of being steeped into a crisis caused by COVID-19, several sectors of the world are taking to cryptocurrency as an aid to combat the deadly virus. Nation-states are looking up to this advancement of technology which the phenomenon of cryptocurrency has acquired over the years.
Likewise, the United States of America is following suit by resorting to cryptocurrency in this deadly hour. Reports say that US residents are now using coronavirus stimulus to purchase crypto. Brian Armstrong, the CEO of popular crypto exchange Coinbase, has posted about the same on Twitter.
As per reports, the purchases have increased four times of what it initially was and is escalating. Coronavirus stimulus checks seem to be the only source of funds now. It is getting difficult to accommodate and execute so many requests.
The US, as per reports, has been one of the most hard-hit nations by the virus. The most powerful country in terms of capital is now steeped into abject misery as a recession is taking place and people are battered by unemployment. The USA, struck by the pandemic, is now incurring heavy losses and there is a grave economic degradation that is faced by the nation.
What Good Would the Coronavirus Stimulus Checks Do?
On the closure of public places like shopping malls, restaurants, cinemas, and others, many people are devoid of any income while there is a serious need for essentials for the households. Cryptocurrency is hoped to ease out the crisis caused by the pandemic all over the United States.
However, a glitch has also been reported to have occurred in the deposition of amounts of the account holders who had used the coronavirus stimulus. They discovered that the promised $1,200 have not been deposited in their accounts.
Government’s Moves to Help the Americans
The American government is trying its level best to iron out the creases in the economy but the problem has reached such a serious stage that restoration of normalcy is being difficult and progressions are happening at a low pace.