California Governor Gavin Newsom announced the distribution of inflation relief checks that would cover nearly 23 million Californians. Newsom announced the $9.5 billion relief fund in June after inflation in the US crossed 8.5% that hurt low and middle-income families. California is tech-savvy and crypto-friendly and has approximately 440 business establishments accepting Bitcoin and Ethereum as payment methods.
Also Read: US Jobs On A Decline: What Does it Mean For Bitcoin & The Crypto Markets?
What Is California’s Stance on Crypto?
California is the home of Silicon Valley and its tech-savvy residents are open to diverse forms of knowledge and investments. The Sunshine State had recently scored a complete 100 for the keyword hits “cryptocurrency” on Google searches. Governor Newsom also drafted a legal framework for crypto adoption in the state early this year.
The state is crypto-friendly and a portion of its residents are open to the prospects of investing in cryptos. The question now arises is ‘will California residents invest their $1,050 inflation relief checks in cryptocurrency?’
A portion of the inflation stimulus check receivers might invest in cryptos. According to data, in 2020, the government provided similar stimulus checks of $1200 to Americans during the Covid-19 pandemic. It was noticed that a majority of platforms witnessed an identical $1200 deposit to buy crypto during the same time.
Therefore, there is a high chance that Californians might invest their inflation relief checks into their favorite cryptos this month.
Also Read: Bitcoin may Outperform Every Asset in Bull-Market: Bloomberg Intelligence
Who Is Eligible For the Inflation Relief Checks?
The inflation relief checks will be delivered to nearly 23 million Californians beginning on October 7, 2022. Residents who filed their 2020 income tax return before October 15, 2021, are eligible to receive the checks.
Furthermore, households making less than $500,000 yearly will receive the $1,050 stimulus check. Any family making $500,001 annually is not qualified to receive the check.
Read here for more information about the eligibility to receive the inflation relief checks.