4% of Americans quit their jobs after earning money from investing in crypto
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Answer 4% of Americans quit their jobs after earning money from investing in crypto
Data from a research company revealed “Civil Science” Nearly 4% of US residents have quit their jobs over the past 12 months because they made enough money investing in cryptocurrency.
Interestingly, the majority were low-wage workers with annual salaries of less than $50,000.
Leaving Jobs After Profiting From Crypto:
The survey, conducted by Civic Science, added that 7% of survey respondents know someone who has left their job because they collected profits from cryptocurrency.
On a closer look, the largest proportion of individuals making this decision are from the lower income groups, with 64% being people earning equal to or less than $50,000 a year.Read:What are the 3 most important obstacles to the cryptocurrency industry?
On the other hand, only 8% of those earning more than $150,000 did so.
American billionaire businessman Mark Cuban shared the results on his Twitter account.
Wow, 4% of people in the US quit their jobs because of Crypto gains, and the vast majority are under 50k. Now we know why so many people leave low paying jobs. This was before the current run Tweet embed Tweet embed Tweet embed Tweet embed https://t.co/0K5ozoOw1j
– Mark Cuban (@mcuban) November 3, 2021
He hinted that this percentage may increase in the future due to the recent rise of most cryptocurrencies.
The survey further showed that active or casual stock market traders are more likely to invest in digital assets.
Next, Civic Science asked cryptocurrency investors and those who would like to explain why they are dealing with this asset class.
The first answer, with 28%, was that they invested in crypto as a “long-term investment,” while 23% said they expect gains in the short term.Read:Only 8% of all the examined decentralized exchanges are safe
Other main reasons crypto investors seek independence from government interference with 12% and hedging against adverse economic conditions are with 11% of the vote.
Not surprisingly, younger age groups are much more receptive to bitcoin and altcoins.
For those under the age of 35, the digital asset market looks rather promising as 36% of them expect their investments in cryptocurrency to make them richer than their parents.
This percentage dropped sharply to 6% when talking about people over 55 years old.
Young Americans and their approach to the crypto market:
According to another survey, about 40% of Americans under the age of 29 feel confident when investing in cryptocurrencies.
Meanwhile, the elderly expressed almost no desire to enter the market.
Millennials, especially millionaires, are the most active group to work with the digital asset class.
Nearly 50% responded that they have allocated at least 1/4 of their wallets to cryptocurrencies.Read:An increase in the number of bitcoins issued and transferred from cryptocurrency exchanges to private wallets
George Walber, president of the consulting firm Spectrem Group, explained why the younger generations are tempted by cryptocurrency and stated:
Younger investors jumped on it early on when it wasn’t well known.
They have been more intellectually engaged with crypto even though it is a new arena.
Older investors and boomers cannot understand whether investing in cryptocurrencies is legitimate or not, as such, they are far behind in understanding crypto according to Mr. Walber.
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