A recent survey has suggested that more American workers are leaving the job force to pursue crypto investments.
Crypto Grants Financial Freedom To 4%
The Civic Science survey studied 6,741 US citizens; 4% of them said that they had gained financial freedom after raking in crypto gains that allowed them to quit their jobs in 2021. In addition, 7% of the respondents asserted that they knew someone who had left their job following sizeable ROI from investing in crypto assets in the last year.
Billionaire investor and crypto proponent Mark Cuban chipped in on the survey results on his official Twitter handle.
He said,
“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.”
Crypto Pulls Investors From Under Low-Income Line
Further, the study also revealed that 27% of those who quit their jobs to pursue crypto gains fell under the $25,000 annual income bracket, while 37% were under the $50,000 a year bracket. Civic Science concluded that this data indicates that crypto investments have brought in life-altering levels of income for those in the poverty bracket. In contrast, wealthier investors have used it to diversify their portfolios and add additional sources of revenue.
Long Term Hodling Vs. Short Term Gains
17,699 people were also asked why they chose to invest in crypto. 28% of them went with long-term growth, whereas 23% were in it for quick gains, 11% touted crypto investments as a hedge against inflation, and 12% claimed crypto investments would enable them to gain independence from the government-controlled job market. Those who believe crypto to be a more long-term investment plan belonged to a younger age demographic, while the older generations viewed it as a quick money-making scheme. The study also indicated that crypto investments were similar to holding traditional stock for over half the population.
Stock Traders Show High Crypto Affinity
Additionally, people who already have some market experience due to stock trading were more likely to invest in crypto. The study revealed that 38% of 2943 stock traders polled have already dabbled in crypto and other digital assets.
To sum it up, Civic Science concluded,
“Interestingly, these traders appear to have begun to shift the original purpose and function of cryptocurrency as a whole. At its inception, cryptocurrency, and the blockchain technology behind it, was intended to provide a form of digital currency that was independent of government involvement (protecting it from periodic economic collapse) while also remaining safe, secure, and relatively anonymous (which also made it a haven for some criminal financial activity). But in its current function, it has begun to closely resemble a (highly volatile) stock.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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