A Small but Emerging Trend in the Jobs Market: ‘I Quit! I’ve Made Enough Money on Crypto’

By Benzinga
Benzinga
Benzinga
November 6, 2021 Updated: November 6, 2021

Cryptocurrencies have all rallied strongly in October, with Bitcoin (BTC) and Ethereum (ETH) among the majors hitting all-time highs. These decentralized currencies are also having an impact on macroeconomic variables, according to a new survey.

What Happened

About 4 percent of the people surveyed said they have—or know of someone—who quit their jobs at some point over the last year due to the financial freedom unlocked by cryptocurrency investment, CIVIC Science said, citing its survey.

The results are based on 6,741 responses collected between Oct. 20 and Oct. 27. Interestingly, a majority of those who quit were from the lowest income bracket, with about 64 percent earning less than $50,000, the survey revealed.

This leads to the deduction that for some, cryptocurrency investments may have provided life-changing income levels.

The wealthier owners of cryptocurrency use it more as another form of asset diversification rather than a source of income, the survey showed. The intention to buy cryptocurrencies is predominantly as a long-term growth or short-term investment, just like it is with traditional stocks.

Among the other findings from the survey are younger demographics’ preference for cryptos as a long-term investment and the wealthiest income brackets likely to have gained more wealth as a result of cryptos over the past year.

Only one out of 10 cryptocurrency investors, however, expect them to be wealthier than their parents as a result of their investments.

Cuban Wowed by the Finding

Dallas Mavericks owner and billionaire investor Mark Cuban, who shared the survey findings on his Twitter, said this explains the reason for so many people quitting low-paying jobs.

Cuban also raised the specter of the trend only growing stronger by stating that the responses were collected before the recent cryptocurrency rally.

By Shanthi Rexaline

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

Benzinga