About two-thirds of those who quit their jobs after generating life-changing gains from crypto made less than $50,000 in total.
According to data, some low-paid workers are quitting their jobs after earning life-changing crypto profits.
On Monday, the analytics firm Civic Science released survey results (weighted according to US census data) showing that 4% of 6,741 respondents aged 18 and above had quit their jobs in the past year due to "financial freedom" achieved from investing in crypto assets.
Civic then analyzed the 4% figure to data from 1,201 people who had resigned their jobs because of crypto profits, depending on their annual income.
Around two-thirds of people who had abandoned their jobs due to "mad gainz" earned less than $50,000 per year — 27% of those earning less than $25,000, and 37% earning between $25,000 and $50,000. However, 15% of those who got jobs because of crypto had an income of $50,000 to $75,000, 13% had an income of $75,000 to $150,000, and 8% had $150,000 or more.
Given that Civics cross-referenced data from different periods and a diverse number of respondents, their findings should be taken with a pinch of salt. It's also uncertain what "financial freedom" means in this context, as Civic gives no explanation or data on the respondents' crypto gains.
“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 a source of income,” Civic Science wrote.
Mark Cuban, a billionaire investor and proponent of cryptocurrency, tweeted a link to a survey, saying: “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.”
Cuban was allegedly referencing "The Great Resignation," a workforce shortage in the United States caused by a cultural shift of people quitting their jobs in response to the global pandemic, low wages, and poor working conditions.
Another survey indicated that the main reason 28% of respondents reinvested in crypto was as a long-term growth investment, with 17,699 responses between June 17 and October 27, 2021.
An additional 23% wanted to make a short-term investment, while only 16% wanted to use crypto as a payment method for "easy, fast, and safe transactions," suggesting that crypto users favour speculation over transactional use.