Despite an abysmal January jobs report, a world-renowned crypto YouTuber is making the bullish case for Bitcoin and crypto. Covered: CNBC Jobs Report Why Is This Good For Bitcoin? The crypto markets are teetering on the edge of uncertainty amid a backdrop of macroeconomic concerns. Despite a bleak outlook on the current labor market, however, […] The post Low January Jobs Report Is Actually Bullish For Bitcoin. Here’s Why. appeared first on CryptosRus.

Low January Jobs Report Is Actually Bullish For Bitcoin. Here’s Why.

Despite an abysmal January jobs report, a world-renowned crypto YouTuber is making the bullish case for Bitcoin and crypto.

Covered:

  • CNBC Jobs Report
  • Why Is This Good For Bitcoin?

The crypto markets are teetering on the edge of uncertainty amid a backdrop of macroeconomic concerns. Despite a bleak outlook on the current labor market, however, CryptosRus founder George is here to explain why this could be a positive development for Bitcoin.

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CNBC Jobs Report

As reported this morning by CNBC, companies cut over 300,000 jobs last month as omicron coronavirus virus concerns took hold of the greater market. This is an especially significant loss of jobs too, as the month of January was anticipated to actually add more than 200,000 jobs, so we’re seeing a roughly 500,000 deficit for the month of January.

Over the past three years, job reports have consistently underperformed expectations for several months. However, Federal Reserve Chairman Jerome Powell has been toting a robust economy, indicating that the increase in labor market performance could lead the Fed to raise rates in March in order to tackle inflation.

Obviously, however, the most recent numbers don’t exactly point to a strong economic recovery.

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Why Is This Good For Bitcoin?

Despite the poor jobs report, George thinks that Bitcoin could actually benefit from the news because lower job performance actually limits the extent to which the Federal Reserve can taper asset purchases and raise interest rates.

As George highlights, Powell has held focus on the labor markets as a prime indicator for the Fed’s actions to take on the economy.

“We know rate hikes are coming, but if omicron is causing a problem to the labor force, that’s good [for Bitcoin], because that means it’s less likely that he’s gonna be very hawkish with his rate hikes.

This is bad news — there’s no doubt about it — this is bad news. But why is the market up today? Because they’re taking this bad news and turning it into good news, meaning that Powell is gonna be more dovish than hawkish.”

If there’s anything that’s true about investing, it’s that in times of distress or economic uncertainty, those who can be a contrarian to the market sentiment tend to have the most to gain when things turn around again.

The post Low January Jobs Report Is Actually Bullish For Bitcoin. Here’s Why. appeared first on CryptosRus.