Survey: 4% of Americans Stop Working for Crypto Profit

A recent survey indicated that more Americans are quitting their jobs after making significant gains from investing in crypto assets.

A Civic Science poll released Nov. 1 revealed that a growing number of American workers are quitting their cryptocurrency jobs.

question about leaving a job due to cryptocurrency earnings was asked of 6,741 respondents in October 2021. y were asked if they or someone they know had quit their job at some point in the past year due to the financial freedom they gained. Investing in cryptocurrencies, 4% said yes and 7% said they knew someone who did.

Billionaire investor and Dallas Mavericks owner Mark Cuban, who has invested in NFT platforms, commented on the responses:

Wow, 4% of people in the US quit their jobs due to Crypto earnings and the vast majority made less than 50k. Now we know why so many people leave low-paying jobs. And that was BEFORE the current qualifying phase.

Low-income workers leaving

When sorted by income, it was revealed that 27% quit jobs that paid less than $ 25,000 a year and 37% quit salaried jobs at $ 50,000. Civic Sciences completed:

This data implies that cryptocurrency investments may have provided life-changing levels of income for some, while wealthier cryptocurrency owners use it more as another form of asset diversification rather than a source of income.

survey also revealed that those most involved in stock trading are also likely to dabble in cryptocurrencies. Of the 2,943 people surveyed, 38% of active stock traders also invested in digital assets.

When asked about the reasons for investing in cryptocurrencies, 28% of the 17,699 people who answered the question said they were investments for long-term growth. 23% did it for short-term gains, 11% said it was a hedge against inflation, and 12% wanted independence from the government.

Civic Science said: “More than half of the population (51%) see that cryptocurrencies act more or less like a traditional stock.”

Crypto whales get rich

ages weren’t surprising, as younger demographics are much more likely to hold onto cryptocurrencies as a long-term investment. Nearly 60% of those surveyed were fairly evenly divided as either richer than last year or with the same level of wealth.

Unsurprisingly, those with the most wealth performed better than those with the least to invest.

Civic Science concluded that regulations can change the perception and use of cryptocurrencies:

But as of now, blockchain technology appears to have lost its anti-establishment roots, to be embraced by a diverse set of active stock traders and individuals with varying income levels.

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