The latest data finding suggests that some lower-paid employees are resigning from their respective jobs after making life-changing crypto gains.
According to Civic Science’s survey, an American analytic firm, 4% out of the total 6741 respondents aged 18 and over had resigned in the past year due to “financial freedom” earned after investing in digital assets.
Civic Science then cross-referenced the overall 4% figure with data from 1,201 respondents who resigned due to crypto gains according to their annual income.
Surprisingly, almost 66% of total employees who resigned earned below $50,000 per year. However, 27% of respondents earned under $25,000, while 37% had a total income between $25,000 and $50,000. 15% among those resigned had an income ranging from $50,000 and $75,000. Also, 13% had earned between $75,000 and $150,000 and 8% with $150,000 or more.
The Civic research did not gather more substantive findings given that they cross-referenced the data from different periods and a varied number of respondents. In that case, a lot has happened within the crypto space, including the flagship crypto making new record highs above $67,000.
Thus, it is unclear what constitutes “financial freedom” in this context, as the survey has not provided any explanations or data on 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 a source of income.”
The survey result has attracted the attention of Billionaire investor and crypto proponent Mark Cuban, who has applauded crypto achievements:
“Wow, 4% of people in the USA have quit their jobs because of crypto gains. The vast majority made under 50k. Now we know why so many people quit low-paying jobs.”
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
The Billionaire investor was indirectly relating, “The Great Crypto Resignation” with significant labor shortage left in the United States after the pandemic, poor wages, and unfavorable working conditions.
In a previous survey, Civic Science polled 17,699 respondents between June 17 and Oct. 27, 2021, to determine their reasons for indulging in digital assets. The survey found that 28% of those reinvested in crypto was a long-term growth investment.
Further, roughly 23% of the respondents were after short term investments, 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 utilizing digital assets for transactions:
“In other words, over half of the population (51%) views crypto to act, more or less, as a traditional stock.”
The Civic research also found that 11% of respondents intended to use crypto to hedge against the “adverse economy,” while roughly 12% sought “independence from government and 11% answered with “other.”