According to a recent survey by Civic Science the crypto bull cycle has influenced some low-paid members of the workforce to quit their jobs after making lifechanging gains on their crypto holdings.
Survey results published on Monday show that 4% of the 6,741 respondents who are 18 years or older had quit their jobs in the past year after earning “financial freedom” following crypto investments.
The 4% figure of those that quit their jobs were then cross referenced with data from 1,201 respondents based on their annual income who had quit their jobs
The analysis shows that two-thirds of those who had quit their jobs after making “mad gainz” earned less than $50,000 yearly of which 27% earning less than $25,000. The results also show that 15% of those handing in their jobs thanks to crypto had an income between $50,000 and $75,000, 13% between $75,000 and $150,000, and 8% with $150,000 or more.
Considering that Civic cross-referenced the data from different periods of time and a varied number of respondents, results need to be taken lightly. In addition, Civic does not elaborate on what “financial freedom” exactly refers to. Crypto gains made are also not further specified.
Civic Science concludes:
“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.”
Crypto billionaire and owner of the Dallas Mavericks, Mark Cuban, shared the news to his followers on Twitter:
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 runup @cnbc @elerianm @novogratz @Austan_Goolsbee https://t.co/0K5ozoOw1j
— Mark Cuban (@mcuban) November 3, 2021
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