Market Cap
24h Vol
3645
Cryptocurrencies
22482
Markets
2020-05-22

Bitcoin and unemployment in the US

More than two million Americans claimed unemployment compensation last week for the first time, which may or may not apply to Bitcoin. 

Recording its seventh consecutive week of decline, last week there were 2.44 million new claims for unemployment compensation, CNBC said in a May 21 brief. However, these figures are in line with economists' expectations.

Within the coronavirus timeframe, Americans have posted 38.6 million unemployed so far, CNBC said. 

The co-founder and partner Morgan Creek Digital expressed his willingness to resume operations in the country after weeks of company closures and shelter-in-place orders, which increased the number of jobs lost. 

On the one hand, people with financial stress can logically be more worried about paying bills and holding cash in their hands for days of uncertainty - instead of spending on Bitcoin, which is a speculative and highly volatile asset. 

A recent article from Business Insider showed an increase in bank savings in the U.S. since the beginning of the coronavirus period, prompting a theory of cash savings compared to buying Bitcoin. 

In contrast, however, people may find themselves in the middle of a search to store wealth outside the government system, like the US dollar inflation fear growth. Some people reportedly look for gold as a hedge in uncertain times, although many have made a similar case for Bitcoin.