Cryptocurrency Profits Encouraging Employees in US to Quit Low-Paying Jobs: Survey

Many people making less than $50,000 a year gave up their jobs after making big profits on crypto investments.

By Shomik Sen Bhattacharjee | Updated: 4 November 2021 17:18 IST

Cryptocurrency Profits Encouraging Employees in US to Quit Low-Paying Jobs: Survey

Photo Credit: Pexels/ Alesia Kozik

Crypto profits appear to be empowering employees to quit low-paying jobs

Highlights

The survey was based on information provided by 6,741 respondents
People quit low-paying jobs because of their "financial freedom”
Mark Cuban tweeted about the research, promoting crypto investments

Cryptocurrency investors who've played the right cards at the right time have drawn big profits, a recent survey claims. It says that a lot of people in the US who were working in low-paying jobs quit their positions after making big gains from crypto investments. The survey finds that almost two-thirds of the people who left their jobs had an income of less than $50,000 (roughly Rs. 37.2 lakh) annually and the "financial freedom" offered by their crypto-assets gave them the confidence to resign from their jobs.

The survey, conducted by an analytics firm in the US named Civic Science, collected responses from 6,741 people between October 20 and October 27. Around four percent of the respondents quit their jobs knowing that they had a financial cushion to fall back on because of their crypto gains.

The firm then cross-referenced the four percent calculation with information from another survey answered by 1,201 respondents — primarily based on their annual earnings — who had given up their jobs after crypto benefits. It showed that two-thirds of those who had left their jobs resulting from ‘mad gainz' earned less than $50,000 (roughly Rs. 37.2 lakh) a year. Of those 1,201 respondents, 27 percent belonged to an income group of less than $25,000 (roughly Rs. 18.6 lakh), whereas 37 percent had earnings between $25,000 (roughly Rs. 18.6 lakh) to $50,000 (roughly Rs. 37.2 lakh).

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That said, it is worth stating that the analytics firm here cross-referenced the info from completely different durations of time and a diversified variety of respondents. It's also unclear what constitutes "monetary freedom" in this context as Civic Science has offered no scale of reference to understand what kind of crypto benefits the respondents made.

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

Pro-crypto billionaire and investor, Mark Cuban tweeted a link to the investigation to further conversation on a phenomenon referred to by economists as "the great resignation”. The phrase is used to describe an ongoing situation where a mass exodus of salaried people in the US has taken place in response to bad working conditions, the pandemic, and poor wages, resulting in a significant labour shortage in the country.

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Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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