California, one of the largest states in the United States will be issuing a check relief worth $1050 to its citizens. The relief was approved by the State’s leaders following the impact of inflation in California, and the United States.
According to the Government of the province, some sectors of the American economy were over-budgeted. To help relieve citizens of the constantly increasing costs of goods, and services, a check refund will be sent to many families in the region. Just like California, citizens of New Jersey are also expecting inflation relief checks soon.
Will Californians Invest in Bitcoin with their Inflation Relief Checks?
About 22% of the adult population in the United States own Bitcoin. Notably, California has consistently topped the ranks for searches related to Bitcoin and other cryptocurrencies on search engines. Although interest in the crypto market has dwindled in California since the start of the year.
To add to that, the Fed has consistently raised interest rates, further discouraging investments. However, with the recent check relief, more Californian citizens will have a little more dollars to spare on expenses and investments.
While $1050 is not necessarily a large sum, it may provide temporary relief for the expenses incurred by Californian residents. Additionally, strategic retail investors will be looking to spend a portion of their spare funds on investments.
Bitcoin and altcoins are currently down in the cryptocurrency market. The discounted prices of these assets make them more affordable. As history has shown, the best time to purchase an asset is when the asset is trading at a discount.
Perhaps, Californians will see the current market state as another chance to acquire more crypto assets. Bitcoin (BTC) currently trades at around $20,000 while Ether (ETH) is currently valued at $1100. While the bear run is lasting long, each passing day takes investors closer to the end of the bear run, and the start of a new bull run.
