The data suggest that Some underpaid workforce members are quitting their jobs after making life-changing crypto gains.
Analytics company Civic Science released the results of a survey (weighted based on U.S. Census data) on Monday, showing that 4% of 6,741 respondents aged 18 and over had quit their job in the past year due to “financial freedom” gained from investing in crypto assets.
Next, Civic crossed the 4% figure with the data of 1,201 respondents based on their annual income who had quit their jobs due to cryptocurrency gains..
Almost two-thirds of those who had quit their jobs due to “crazy earnings” earned less than $ 50,000 a year: 27% earned less than $ 25,000, while 37% had a total income of between $ 25,000 and 50,000.. Meanwhile, 15% of those who went to work thanks to cryptocurrencies had income between $ 50,000 and 75,000, 13% between $ 75,000 and 150,000, and 8% with $ 150,000 or more.
Civics’ conclusions may need a pinch of salt, given that it crossed data from different time periods and a varied number of respondents. It is also unclear what constitutes “financial freedom” in this context, as Civic does not provide any explanation or data on the level of crypto earnings that respondents made..
“These data imply that Crypto investments may have provided life-changing levels of income for some, while wealthier cryptocurrency owners use it more as another form of asset diversification than as a source of income.“wrote Civic Science.
The billionaire investor and cryptocurrency advocate Mark Cuban tweeted a link to the survey, saying that:
“Wow, 4% of people in the United States have quit their jobs due to cryptocurrency earnings, and the vast majority made less than $ 50,000. Now we know why so many people quit low-paying jobs. “
correction, I should have said, 4pct of the Labor Force, or approximately 6m people
– Mark Cuban (@mcuban) November 3, 2021
Correction, it should have said 4 percent of the Workforce, or roughly 6 million people.
Apparently, Cuban was referring to the phenomenon of “The Great Renunciation”, which refers to a significant labor shortage in the United States due to to a cultural shift of people quitting their jobs in response to the global pandemic, poor wages and unfavorable working conditions.
Another survey result with 17,699 responses between June 17 and October 27, 2021, found that the main reason 28% of respondents reinvested in cryptocurrencies was as a long-term growth investment.
Another 23% were looking for a short-term investment, while only 16% were looking to use cryptocurrencies as a payment method for “easy, fast and secure transactions”, which suggests that cryptocurrency users favor speculation about the use of assets for transactions.
“In other words, more than half of the population (51%) consider that cryptocurrencies act, more or less, like a traditional stock, “wrote Civic.
The survey also found that 11% of those surveyed aimed to protect themselves from the “adverse economy”, 12% sought “independence from the government” and 11% responded with “other”.
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