With the first batch of covid relief stimulus checks processed on Friday, the first U.S. households can expect their $1,400 checks to arrive in the mail within the next ten days. While 90% of households are eligible for relief, some households will receive multiple checks.

According to a survey-results of Mizuho Securities shared on Monday, nearly $40 billion of the $380 billion in direct stimulus checks, could be allocated to purchase bitcoin and stocks.

The survey was done over 235 individuals with less than $150,000 annual (household) income and two out of five respondents expect to use some port of their stimulus checks to invest.

Mizuho Securities Managing Director, Dan Dolev said:

“The survey predicts that bitcoin will account for 60% of total incremental investment spend. We calculate it could add as much as 2-3% to bitcoin’s current $1.1 trillion market value.”

In an interview with CNBC on Monday, Dolev said to be surprised by the data and had his team carefully going over the results by “sense-checking” the data.

“It is what it is,” Dolev concluded and with that he perfectly described the current sentiment among consumers and their spending behaviour.

Dolev is not alone in his analysis that US households will push equity demands to next levels. Recently Goldman Sachs’ Chief U.S. equity strategist David Kostin confirmed that “we expect households will be the largest source of equity demand this year.”