Survey Shows Worst Paid Workers Are Leaving Their Jobs Thanks To Crypto Profits

The data suggest that Some underpaid employees quit their jobs after making life-changing crypto profits.

Analysis firm Civic Science released the results of a poll (weighted based on US census data) on Monday that showed that 4% of 6,741 respondents aged 18 and over quit their job last year because of the “financial freedom” they gained by investing in crypto assets.

Next, Civic has passed the 4% mark on data from 1,201 respondents based on their annual income who quit their jobs due to cryptocurrency gains..

Survey Shows Worst Paid Workers Are Leaving Their Jobs Thanks To Crypto Profits
Survey Shows Worst Paid Workers Are Leaving Their Jobs Thanks To Crypto Profits

Almost two-thirds of those who quit their jobs for “insane earnings” made less than $ 50,000 a year: 27% earned less than $ 25,000, while 37% had total earnings between $ 25,000 and $ 50,000.. Meanwhile, 15% of those who went to work thanks to cryptocurrencies had an income between $ 50,000 and $ 75,000, 13% between $ 75,000 and $ 150,000, and 8% with $ 150,000 or more.

Civics’ conclusions may require a pinch of salt as they cross data from different time periods and different numbers of respondents. It is also unclear what is meant by “financial freedom” in this context, as Civic does not provide any explanations or data on the amount of crypto earnings of the respondents..

“These data imply that Crypto investing has brought potentially life-changing levels of income to some, while wealthier cryptocurrency owners are using them as another form of wealth diversification rather than a source of income.“wrote political science.

Financial freedom thanks to crypto investments. Source :: Citizenship

The billion dollar investor and advocate of cryptocurrency Mark Cuban tweeted a link to the poll and said that:

“Wow, 4% of people in the United States quit their jobs for cryptocurrency income, and the vast majority made less than $ 50,000. Now we know why so many people are giving up low-paying jobs. “

Apparently, Cubans were referring to the phenomenon “The Great Renunciation” which refers to a significant labor shortage in the United States due to to a cultural shift of people leaving 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 showed that the main reason 28% of respondents reinvested in cryptocurrencies was a long-term growth investment.

Another 23% were looking for a short-term investment, while only 16% wanted to use cryptocurrencies as a payment method for “easy, fast and secure transactions”.suggesting that cryptocurrency users prefer speculation about assets being used for transactions.

“In other words, more than half of the population (51%) believe that cryptocurrencies behave more or less like a traditional stock, “wrote Civic.

The survey also found that 11% of the respondents wanted to protect themselves from the “adverse economy”, 12% strived for “independence from the government” and 11% answered with “other”.

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