Almost two-thirds of those who quit their jobs after making life-changing gains in cryptocurrency had a total income of less than $50,000.
According to data, some low-wage workers are quitting their jobs after making life-changing cryptocurrency gains.
Civic Science published survey results (weighted according to US census data) on Monday, revealing that 4% of 6,741 respondents aged 18 and up had quit their jobs in the previous year due to “financial freedom” gained from investing in crypto assets.
Civic then cross-referenced the 4% figure with data from 1,201 respondents who had quit their jobs due to cryptocurrency gains based on their annual income.
Almost two-thirds of those who quit their jobs due to “mad gainz” earned less than $50,000 per year — 27 percent earned less than $25,000, while 37 percent earned between $25,000 and $50,000. Meanwhile, 15% of those landing jobs thanks to cryptocurrency earned between $50,000 and $75,000, 13% earned between $75,000 and $150,000, and 8% earned $150,000 or more.
Civics’ findings should be taken with a grain of salt, given that it cross-referenced data from different time periods and a diverse sample size. It is also unclear what constitutes “financial freedom” in this context, as Civic provides no explanation or data for the respondents’ level of cryptocurrency gains.
“This data suggests that crypto investments may have provided life-changing levels of income for some, while the wealthier owners of crypto use it more as a form of asset diversification than a source of income,” Civic Science wrote.
Financial independence can be obtained through cryptocurrency investing. Civic Science is the source.
Mark Cuban, a billionaire investor and crypto supporter, tweeted a link to the survey, saying:
“Wow, 4 percent of people in the United States have quit their jobs due to cryptocurrency gains, with the vast majority earning less than $50,000.” “We now understand why so many people leave low-paying jobs.”
correction, I should have said, 4pct of the Labor Force, or approximately 6m people
— Mark Cuban (@mcuban) November 3, 2021
Cuban was apparently referring to the phenomenon known as “The Great Resignation,” which refers to a significant labor shortage in the United States as a result of a cultural shift in which people quit their jobs in response to the global pandemic, low wages, and unfavorable working conditions.
Another survey, with 17,699 responses between June 17 and October 27, 2021, discovered that the primary reason 28 percent of respondents reinvested in cryptocurrency was as a long-term growth investment.
A further 23% were looking for a short-term investment, while only 16% wanted to use crypto as a payment method for “easy, fast, and safe transactions,” indicating that crypto users prefer to speculate over use the assets for transactions.
“In other words, more than half of the population (51 percent) views cryptocurrency as acting, more or less, like a traditional stock,” Civic wrote.
According to the poll, 11 percent of respondents want to protect themselves from a “adverse economy,” 12 percent want “independence from government,” and 11 percent said “other.”