yes, different businesses(not even related to crypto) probably made similar assumptions too
As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.
Though correlation is not causation, It most likely is the reason. It's also might be the reason why Square's Bitcoin-related revenue pretty much skyrocketed in Q2 and Q3 of 2020. I'd say it's a pretty safe assumption.
