Bitcoin

According to Pomp, unemployment rose faster than in the Great Depression

Morgan Creek Digital’s co-founder, Anthony Pompliano, also popularly known as pomp, hosted a live YouTube stream on July 18 that talked about the current state of the economy and its future.

“In 1929, the onset of the Great Depression, there was 3.1% unemployment, a record low, and this unemployment rose from 3.1% to over 8.5% and then to over 15% over the next two years,” said Pomp. “What you see in the end is that we accelerated the path to unemployment faster than even in the Great Depression.”

in the April 2020 there was 14.7% unemployment in the United States, an increase in 3.6% compared to January, according to the data from, Trade economy.

COVID-19 caused national excitement

According to Pomp, unemployment rose faster than in the Great Depression
According to Pomp, unemployment rose faster than in the Great Depression

State preventive measures against COVID-19 were strengthened in March 2020. Conclude Business temporarily and push the citizens Stay at home. In front The US had a booming economy from such measures and concerns, Pomp said.

Countless companies temporarily closed, Watching how his income ends, while Workers were on their way home. The following days and months the strengths by the U.S. government they put into practice various capital injections to help a stagnant economy.

“They raised asset prices by adding liquidity to the market.” said Pomp. Although the stock exchange had a dramatic recovery since the crash of COVID-19, The economy remains in a state of struggle, As it shows 11.1% of unemployment figures published in June.

Cryptocurrencies are not saved

As much as people in the industry wanted to say that Cryptocurrencies live outside the conventional system, digital assets are feeling the effects of the economy. Logical cryptocurrencies You might see fewer people investing if those people get lower wages. as a result of Unemployment.

Contrary to logic Cryptocurrencies have performed well and outperformed the major markets. Historical, Assets have sometimes mimicked traditional markets, how they go their own way at other times. Given a rising stock market and a high cryptocurrency market since its 2020 low, unemployment figures appear to have less of an impact than logic, at least for now.

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