A survey published on Nov 1 by online polling app Civic Science has revealed that a good number of American workers are quitting their jobs and opting to go the crypto way, having made significant gains from investing in digital assets.
A group of 6,741 respondents was quizzed about resigning from a job due to crypto gains in October 2021. 4% of the respondents disclosed that they had quit their jobs at some point over the past year due to the financial freedom gained from investing in cryptocurrencies. 7% said they knew someone who had.
Mark Cuban, billionaire investor and owner of top NBA team Dallas Mavericks, who has been investing in NFT platforms, weighed in on the responses.
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. And this was BEFORE the current run-up.
Judging by income, the survey indicated that 27% of the participants had quit jobs where their pay was below $25,000 per annum, while 37% left jobs with salaries of around $50,000. Civic Science explained that:
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.
The survey further stated that those already involved in stock trading are more likely to dabble into crypto as well, and out of the 2,943 people polled, 38% of active stock traders had also invested in digital assets.
When asked why they chose to invest in crypto, 28% of the 17,699 people who responded to the question said it was more appealing as a long-term growth investment. 23% were in it for short-term gains, and 11% insisted it was a cushion against inflation. Meanwhile, 12% wanted independence from the government.
“Over half of the population (51%) views crypto to act, more or less, as a traditional stock,” according to Civic Science.
It was also revealed that younger investors are much more likely to hold onto crypto as a long-term investment. 60% of respondents were evenly split as either being wealthier than they were last year or at the same level of wealth.
Unsurprisingly though, investors with more wealth have fared much better than those with less to invest.
In conclusion, Civic Science opined that regulations may change the perceptions and usage of cryptocurrencies in the future “but as of now, the blockchain technology seems to have shedded off its anti-establishment roots, to be embraced by a diverse set of active stock traders and individuals with various levels of income.”