Exodus of lower-paid workers cashing in on crypto profits
In a recent poll, it was found that 64% of respondents who quit earned less than $50,000
A new study has suggested that some low-paid workers in the United States are leaving their jobs in record numbers after making life-changing returns investing in cryptocurrencies.
Civic Science study results
Analytics firm Civic Science found that 4% of the 6,741 individuals aged 18 and over surveyed had quit their jobs in the past 12 months, largely thanks to the “financial freedom” afforded by their foray into the burgeoning cryptocurrency sector.
Extrapolated for the US population at large, this figure is representative of around six million people.
Nearly two-thirds of those surveyed who had quit their jobs due to crypto returns earned less than $50,000 (€43,264, £36,834) per year, with 37% within the $25,000–$50,000 income bracket and 27% earning less than $25,000 a year.
Those with salaries between $75,000 and $150,000 accounted for 13% of the figure, while respondents earning $150,000 or more amounted to 8%.
Civic Science stated: “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 [as a] source of income.”
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Crypto and ‘The Great Resignation’
Although only one study with a relatively small sample size, the survey has been seized upon by some prominent cryptocurrency advocates as an example of the transformative opportunity the technology has provided ordinary individuals and as a possible explanation for what has been dubbed ‘The Great Resignation’.
During the month of August, some 4.3 million Americans left their jobs, taking the nation’s quit rate to a series high of 2.9%, according to the US Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) produced by the Bureau of Labor Statistics (BLS).
The results took commentators, politicians and employers by surprise, particularly in the context of the fragile post-Covid recovery.
Although the results of only one study can by no means be said to prove a causal link between crypto gains and the current confidence of the US workforce, it can be said to demonstrate the transformative effect that decentralised currencies are already having for some of the worse-off in society.
With the likes of bitcoin and ethereum reaching new all-time highs after the period in which this survey took place, this trend could be set to continue.