Crypto Earnings: Don't Give Up The Day Job

Crypto earnings have led to 4% of Americans quitting work in the last year, according to new research.

The numbers are lower than many may expect, given the huge profits spoken about in the cryptoverse. Plus, the majority of that 4% were people working in low-salary jobs (less than $50,000 a year).

The details are contained in research released by Civic Science.

While the headline was the crypto earnings had created newfound wealth and job freedom for many in the US, just 4% of respondents said they had quit their job due to crypto earnings. Plus, only 7% said the knew anybody who had.

The research company, outlining its findings, said: ‘While crypto wealth is undoubtedly growing, that doesn’t necessarily mean any significant portion of people are quitting their jobs as a result. 11% of the general population reports either having personally quit their jobs, or knowing someone who has, as a result of their crypto investments.

‘Surprisingly, however, when crossing by income, we see that the larger portion of those quitting their jobs as a result of their crypto investments are those in the lowest income brackets.

‘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. And further data elaborates this point.’

It added: ‘Respondents who are active or occasional traders on the stock market are significantly more likely to have invested in cryptocurrency. So, while heavier stock investors may not be quitting their jobs as a result of any crypto gains, they are the ones driving much of the market.’

Civic Science observes that these traders appear to have started to shift the original purpose and function of cryptocurrency.

It said: ‘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.’