According to data, some people who have made life-changing cryptocurrency gains are leaving their jobs.
Civic Science, an analytics firm, posted Monday’s survey results. These showed that 4% of the 6,741 respondents over 18 had quit their job in the last year due to their “financial freedom” gained by investing in crypto assets.
Civic then compared the 4% figure to data from 1,201 respondents, based on their annual income and whether they had lost their jobs as a result of crypto gains.
Nearly two-thirds (27%) of people who quit their jobs because of “madgainz” earned less than $50,000 per year, 37% earned between $25,000 to $50,000, and 37% had an income total of between $25,000 to $50,000. 15% of crypto-torchjackers had incomes between $50,000 and $75,000, 13% between $75,000 to $150,000 and 8% with more than $150,000.
Civics’ findings may need a pinch of salt, given that it cross-referenced the data from different periods of time and a varied number of respondents. It is also unclear what constitutes “financial freedom” in this context, as Civic provides no explanation or data for what level of crypto gains the respondents made.“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,” Civic Science wrote.
Billionaire investor and crypto proponent Mark Cuban tweeted a link to the survey saying that:
“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.”
correction, I should have said, 4pct of the Labor Force, or approximately 6m people
— Mark Cuban (@mcuban) November 3, 2021
Cuban was apparently referencing “The Great Resignation” phenomenon, which refers to a significant labor shortage in the U.S. due 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 Oct. 27, 2021, found that the main reason 28% of respondents reinvested in crypto was as a long-term growth investment.
A further 23% were after a short-term investment, while just 16% were seeking to use crypto as a payment method for “easy, fast and safe transactions,” suggesting that crypto users favor speculation over using the assets for transactions.
“In other words, over half of the population (51%) views crypto to act, more or less, as a traditional stock,” Civic wrote.
The poll also found that 11% of respondents were aiming to hedge against the “adverse economy,” 12% were seeking “independence from government” and 11% answered with “other.”
