The study found that American workers with the lowest salaries are the ones who tend to quit their formal jobs for cryptocurrency earnings. They allege that crypto gave them “financial freedom.”
One of the possible elements behind the current complex job crisis in the United States could be cryptocurrencies.
According to a recent study by Civic scienceSome members of the North American country’s workforce are choosing to quit their jobs after making a profit from investing in digital currencies. The research, which surveyed 6,741 people over the age of 18, found that the 4% of workers quit their job because they found “Financial Freedom”With crypto. The survey was conducted in mid-October.
This figure is even higher if you count those who claimed to know someone who has left their formal job due to investment in digital assets. “Eleven percent of the general population report personally quitting their jobs or knowing someone who has, as a result of their cryptocurrency investments“States the study.
They quit their formal job for Bitcoin
Civic did not provide additional data or information on the level of cryptocurrency earnings of the respondents or what is meant by “Financial Freedom“. However, other findings from the firm provide further clarity about the group that has chosen to leave their jobs due to the new asset class.
Crossing data from the October survey with a previous survey of 1,201 people, the research found that most of those who quit their jobs as a result of their investments in digital assets are workers in the lowest income brackets.
As such, 64% of study participants who claimed to have quit their jobs for crypto earnings earn less than $ 50,000 a year. Of this percentage, 27% said they earned less than $ 25,000, while 37% had a total annual income of between $ 25,000 and $ 50,000. Those percentages are gradually decreasing among the population with higher incomes.
Likewise, the responses from the group that said they knew someone who had quit their job due to investing in digital currencies also coincided with this proportion. Of those, 55% indicated that their acquaintance earns less than USD $ 50,000 annually.
About, Civic notes that the data could indicate that cryptocurrency investments may have provided life-changing levels of income for some workers. Meanwhile, for the wealthiest workforce, cryptocurrencies could represent more of an asset diversification alternative than a source of income.
Mass unemployment in the US
The findings of the study could respond in part to what underlies the current labor crisis in the country, and harmonizes with the disruption that the sector has seen in the face of the COVID-19 pandemic. Despite health recovery and reintegration to face-to-face working conditions, there is still a severe labor shortage in the United States.
According to the US Bureau of Labor Statistics, an unprecedented 2.9% of the entire workforce – equivalent to about 4.3 million people – have quit their jobs in recent months. The phenomenon, which has been classified as the “Great Renunciation“, Speaks of a reality of the country, as well as of a cultural response derived from the pandemic.
A report from Bloomberg interviewing ten unemployed people, found that the majority refuse to return to their formal job mainly due to low wages, which they allege are lower than they received before the pandemic, and unfavorable working conditions, such as the lack of sanitary measures and protections. However, this report also coincides with the study of Civic.
Among the group of respondents a A pediatric nurse reported that he had chosen to quit his job after making a profit from investing in cryptocurrencies. Josh Dorgan, 31, told the outlet that he is now in the business of trading assets such as Bitcoin, an activity that not only gives you greater job freedom but also more income.
Why do you invest in crypto?
Returning to the study of Civic, other findings also reveal some of the motives behind cryptocurrency investment by workers.
A survey that consulted 17,699 people between June 17 and October 27, 2021, found that the main reason why 28% of people decided to reinvest in cryptocurrencies was to conceive it as a long-term growth investment. 23% were looking for a short-term investment, while 16% used crypto as a payment method for “easy, fast and secure transactions“.
“In other words, more than half of the population (51%) consider that cryptocurrencies act, more or less, like a traditional actionWrote the Civic team. Furthermore, when crossing the data, the study also found that the younger group is more likely to conceive of cryptocurrency investing as a long-term strategy.
Younger demographics are much more likely to hold onto cryptocurrencies as a long-term investment, while those over 55 show much more tolerance for financial risk with their preference for cryptocurrencies as a short-term plan.
The survey also found that the 11% of respondents aimed to protect themselves against “adverse economy“, 12% were looking for “government independence”And 11% responded with“others“, Which possibly speaks of the cultural change that has arisen as a result of COVID-19 and that underlies the phenomenon of widespread unemployment.
Hannah Estefanía Pérez’s version / DailyBitcoin
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