Although the Bitcoin price declined sharply in response to the World Health Organization's declaration of COVID-19 as a pandemic last month, interest in the crypto asset from the general public is not lost. In fact, some Americans are taking their $1,200 stimulus checks and using them to buy Bitcoin and other cryptocurrencies.

Sharp moves in the Bitcoin price tend to be an incredible marketing tool for the crypto asset, and a number of exchanges reported increased account activity when the price dropped in the middle of March. Additionally, the halving event, which is when the number of new Bitcoin created around every ten minutes is cut in half, is estimated to take place next month, which has even more people interested in where the price will go next.

One industry CEO has referred to the circumstances around the upcoming halving as a "perfect storm" for Bitcoin, while former Facebook executive Chamath Palihapitiya has indicated that there is now an increased chance a single Bitcoin could eventually be worth millions of dollars.

During all this turmoil in the economy and excitement around the halving, a large number of posts have shown up on the Bitcoin subreddit where users claimed they used their $1,200 in stimulus money from the CARES Act to buy more of the cryptocurrency. And there's data that suggests this is more than just talk.