ICYMI: Goldman Sachs says crypto decline should have limited impact on US spending
"While there is admittedly a lot of uncertainty around our assumptions—for example, it’s unclear whether the propensity to spend out of crypto holdings will ultimately be larger or smaller than for equities and other asset classes—our results strongly suggest that the crypto impact will be marginal relative to other factors."
The bank added that the impact on the US labor force participation rate should also be muted given that the participation of young men in the labor force —" the demographic group that is the most likely to be affected by the crypto pullback" — is currently at pre-pandemic levels.
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