A bullish US labor market could inspire more crypto adoption, NFT expert says

A bullish US labor market could inspire more crypto adoption, NFT expert says

Andy Lianthe author of “NFT: From Zero to Hero,” considers last week’s jobs data report — which showed a notable increase in nonfarm payrolls and a marginal increase in unemployment — as a potential catalyst for cryptocurrency adoption.

“Positive jobs data could influence governments to take a more favorable stance toward cryptocurrencies,” Lian told Benzinga.

The crypto industry presents an irresistible opportunity for economic development and innovation, he added.

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Lian also praised Hong Kong for its proactive approach to promoting the growth of the web3, blockchain and crypto industries.


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Default DAO‘s Aaron Raffertybut says the positive jobs report does not necessarily mean a significant shift in the economic crisis currently affecting global markets.

Investments in blockchain companies have fallen significantly as venture capital firms shift their focus to artificial intelligence (AI) technologies.

“Given that cryptoassets and the blockchain sector in general have trended sideways over the past year, nothing in this report suggests a significant change in that trajectory,” Rafferty said.

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Liberty Blockchain COO Christopher Alexander explained that while Bitcoin (CRYPTO: BTC) follows the trends of traditional markets, which have reacted positively to the jobs report, ongoing fears of a looming recession could deter many large investors, limit liquidity and hamper growth.

Raj Kapoorthe founder of Blockchain Governance Councildrew attention to the ongoing regulatory debates surrounding cryptocurrency as a significant obstacle to crypto startups’ ability to capitalize on positive economic signals.

Kapoor blamed the Federal Reserve’s aggressive monetary policy, which aims to curb inflation by raising interest rates, as an additional short-term problem for crypto given the existing macroeconomic environment.

Now Read: Bitcoin Miners in Crisis: Will BTC Survive $28,000 Tipping Point?

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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