Data from a survey carried out by analytics firm Civic Science shows that gains from buying cryptocurrency have helped some members of the workforce quit their low-paid jobs. 4% of 6741 adult respondents quit their jobs in the past year due to “financial freedom” gained by investing in crypto assets, CoinTelegraph reported.
Civic Science cross-referenced the data with data from 1,201 respondents who had quit their jobs due to profitable crypto investments based on their annual income. More than 60% of them had been earning under $50,000 per year. Of these, over a quarter earned less than $25,000. More than a third earned between $25,000 and $50,000.
Defining financial freedom
It may be necessary to take these findings with a grain of salt considering that Civic cross-referenced the data from a varied number of respondents and different periods of time. In addition, “financial freedom” is not easy to define in this or any other context. The analytics firm does not explain or provide data for how much money those surveyed made from crypto. They only wrote:
This data implies that crypto investments may have provided life-changing levels of income for some, while the wealthier owners of crypto use it more as another form of asset diversification rather than source of income.
In what became known as “The Great Resignation”, a large number of people quit their jobs in the US response to the bad working conditions, the COVID pandemic, and poor wages, resulting in a significant labor shortage in the country. Billionaire and crypto supporter Mark Cuban tweeted enthusiastically:
Wow, 4% of people in the USA have quit their jobs because of crypto gains, and the vast majority made under 50k. Now we know why so many people quit low-paying jobs.
Why invest in crypto?
Another survey, carried out between June and October this year, found that the main reason for investments in crypto was as a store of value and a long term growth investment.
Another reason why people took to crypto exchanges was a short-term investment to make quick gains. Finally, a very small number of respondents invested in crypto as a means of payment. The researchers concluded that most people put crypto on par with traditional stock today.
The survey also found that 12% of respondents were seeking “independence from the government” and 11% of respondents were investing in crypto as a hedge against inflation. 11% gave other reasons for their investments.
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