We have seen a large decrease in the value of crypto-currencies. That’s both bitcoin, etherium and the thousands of other coins out there that make up the eco-system.
The question is, how has the crypto market influenced the labor market?
We know that in 2020 and 2021, government stimulus has created an incentive for people to collect a pay check and not work. That is reflected in the large reduction in workforce participation, and the huge number of job openings, particularly in the retail service sector including hospitality, food and beverage.
When those bartenders, waiters, line cooks were sitting at home watching netflix, they were also dabbling in bitcoin.
Several restaurant owners I’ve spoken with have witnessed a sudden and recent return to work from people who all of a sudden decided that waiting tables was not such a bad idea after all.
Is this a result of the combination of stimi-checks having dried up, and now crypto can no longer fund their lifestyle?
Host: Victor Menasce