More than 2 million Americans filed for unemployment compensation for the first time last week, which may or may not affect Bitcoin.
Registering its seventh consecutive week of decline, it received 2.44 million new unemployment claims last week, CNBC said in a May 21 report. These numbers, however, are within economists‘ expectations.
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Within the time frame surrounding the coronavirus, Americans have registered 38.6 million unemployment claims to date, CNBC said.
Pompliano expresses need for reopening
The co-founder and partner of Morgan Creek Digital expressed a sentiment in favor of a national reopening after weeks of business shutdown orders and sheltering in place, which have increased job loss figures.
„We need to open up the economy and get people to work safely,“ Pompliano said in a May 21 tweet citing recent unemployment figures.
Bitcoin’s connection, or not
Do recent job loss figures affect Bitcoin? Possibly. On the one emerging jobs list, continuing to brew, bitcoin halving 2020, explained, in congress, as well, formally picked the tezos network, some kind of utility, end of april, an illegal form of fundraising, formalized this october, don’t consider ether a security, people with tight financial levels may logically be more concerned about paying bills and having cash on hand for the next few days of uncertainty, rather than spending on Bitcoin, a speculative and highly volatile asset.
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A recent Business Insider article showed an increase in U.S. bank savings since the beginning of the coronavirus period, lending to the theory of cash savings versus Bitcoin purchase.
In contrast, however, people may find themselves in the midst of seeking wealth storage outside the government system as U.S. dollar inflation threatens to rise. Some people report that they seek gold as a hedge in times of uncertainty, although many have made a similar case for Bitcoin.
Pompliano called Bitcoin a hedge on several occasions. In addition, cryptomoney exchanges have also seen an increase in activity in recent months, although, with arguments for both sides, buying Bitcoin or holding back cash, only the next few days will tell where people will go.