Survey: 4% of Americans Have Quit Work for Crypto Gains

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In Brief
  • Low income workers are more likely to quit.

  • 38% of active stock traders have also invested in crypto.

  • 23% were in it for short-term gains.

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The Trust Project is an international consortium of news organizations building standards of transparency.

A recent poll has indicated that more Americans are quitting work after having made significant gains investing in crypto assets.

A Civic Science survey published on Nov 1 has revealed that an increasing number of U.S. workers are quitting jobs for crypto.

The question about resigning from a job due to crypto gains was posed to 6,741 respondents in October 2021. When asked if they or someone they know had quit their job at some point over the last year due to financial freedom earned by investing in cryptocurrency, 4% responded yes and 7% said they knew someone that had.

Billionaire investor and Dallas Mavericks owner Mark Cuban, who has been investing in NFT platforms, commented 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 runup.

Low-income workers leaving

When categorized by income, it was revealed that 27% had quit jobs paying less than $25,000 per year, and 37% left jobs salaried at $50,000. Civic Science concluded:

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 also revealed that those more involved with stock trading are likely to dabble in crypto also. Of the 2,943 people polled, 38% of active stock traders have also invested in digital assets.

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

Civic Science stated, “over half of the population (51%) views crypto to act, more or less, as a traditional stock.”

Crypto whales getting richer

The ages were unsurprising with the youngest demographics much more likely to hold onto crypto as a long-term investment. Almost 60% of respondents were practically evenly divided as either being wealthier than they were last year or at the same level of wealth.

Unsurprisingly those with more wealth have done much better than those with less to invest.

Civic Science concluded that regulations may change the perceptions and usage of cryptocurrencies:

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.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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