According to data, some low-wage workers are departing after realising life-changing cryptocurrency profits.
On Monday, the analytics firm Civic Science released poll findings (weighted according to US census data), revealing that 4% of 6,741 respondents aged 18 and above had quit their employment in the previous year owing to “financial independence” gained from cryptocurrency investments.
The 4% result was then compared to data from 1,201 respondents. Who had resigned from their employment owing to cryptocurrency gains, based on their yearly salary.
Almost two-thirds of individuals who abandoned their employment owing to “crazy gainz” made less than $50,000 per year. 27% made less than $25,000, and 37% made between $25,000 and $50,000. Meanwhile, 15% of individuals who got employment because of crypto had a salary of $50,000 to $75,000. 13% had a salary of $75,000 to $150,000, and 8% had a salary of $150,000 or above.
Crypto investment, source of income or asset diversification
Given that Civics cross-referenced data from different periods of time and a diverse number of respondents, their conclusions should be taken with a grain of salt. It’s also unclear what defines “financial independence” in this context. As Civic doesn’t explain or offer data on the respondents’ crypto earnings.
“This data suggests that crypto investments may have given life-changing amounts of income for some. However, richer crypto owners utilise it more as a form of asset diversification than a source of income”, Civic Science stated.
“Wow, 4% of Americans quit their jobs due to cryptocurrency profits. Yet the vast majority gained less than $50,000.” We now understand why so many individuals leave low-wage occupations.”
Cuban was reportedly referring to “The Great Resignation”, a labour scarcity in the United States caused by a cultural change of individuals abandoning their jobs in reaction to the worldwide pandemic, low salaries, and terrible working conditions.
Another poll indicated that 28% of respondents reinvested in bitcoin as a long-term growth investment between June 17 and October 27, 2021, with 17,699 replies.
Another 23% wanted to make a short-term investment. While just 16% wanted to use crypto as a payment mechanism for “simple, rapid, and secure transactions”. Implying that crypto users prefer to speculate than use the assets for transactions.
“In other words, more than half of the population (51%) thinks of crypto as acting in a similar way to regular stocks”, Civic stated.
According to the study, 11% of respondents want to protect themselves from the “bad economy”, 13% want “independence from the government”, and 11% said “other”.