Many Americans are expected to receive $1,400 checks following U.S. President Joe Biden signing a $1.9 trillion stimulus package into law last week. New polling suggests that much of these funds could end up in the crypto market.

A survey released today from Mizuho Securities estimates that 10% of the roughly $400 billion in funds given directly to U.S. residents could be used to purchase Bitcoin (BTC) and stocks. The Mizuho Financial Group subsidiary surveyed 235 people with a household income under $150,000. Up to 40% of respondents said they would invest the direct payments into BTC and stocks, with 61% saying they would choose Bitcoin over equities.

“Bitcoin is the preferred investment choice among check recipients. It comprises nearly 60% of the incremental spend, which may imply $25 billion of incremental spend on Bitcoin from stimulus checks,” said Mizuho analysts Dan Dolev and Ryan Coyne. “This represents 2-3% of Bitcoin’s current $1.1 trillion market cap.” 

Biden signed the $1.9 trillion package, known as the American Rescue Plan, into law on March 11. It contains $1,400 payments for many individuals earning less than $80,000, with dependents included in each household’s total — e.g. a family of three could expect $4,200. Many Americans have already reported receiving the funds via direct deposit, while others are waiting for paper checks in the mail.

This is the third direct payment to financially assist those affected by income insecurity during the COVID-19 pandemic. Lawmakers provided many Americans with $1,200 direct payments in April 2020, as well as $600 checks in January. Crypto users who invested the full $1,200 into Bitcoin last year may have realized as much as $10,000 in gains at time of publication, following the asset’s rise to more than $60,000 in 2021.