Employees in the United States are quitting low-paying jobs because of cryptocurrency profits, according to a survey
According to a recent survey, cryptocurrency investors who played the right cards at the right time have made large profits. According to the report, many people in the United States who were working in low-paying jobs quit after making large profits from cryptocurrency investments. According to the survey, nearly two-thirds of those who quit had an annual income of less than $50,000, and the "financial freedom" offered by their crypto-assets gave them the confidence to resign from their jobs.
Between October 20 and October 27, a survey conducted by Civic Science, a US-based analytics firm, received responses from 6,741 people. Around 4% of respondents quit their jobs because they knew they had a financial cushion thanks to their cryptocurrency gains.
The company then compared the four percent figure to data from a separate survey of 1,201 people who had quit their jobs after receiving crypto benefits, based primarily on their annual earnings. It was discovered that two-thirds of those who had lost their jobs due to'mad gainz' made less than $50,000 per year. 27 percent of the 1,201 respondents had an annual income of less than $25,000, while 37 percent earned between $25,000 and $50,000.
However, it's worth noting that the data was cross-referenced from different time periods and a diverse group of respondents by the analytics firm. It's also unclear what "monetary freedom" means in this context, as Civic Science hasn't provided a scale of reference to determine what kind of crypto benefits respondents received.
Mark Cuban, a pro-crypto billionaire and investor, tweeted a link to the investigation to spur more discussion about a phenomenon economists refer to as "the great resignation." The term is used to describe an ongoing situation in the United States in which a mass exodus of salaried workers has occurred in response to poor working conditions, the pandemic, and low wages, resulting in a significant labor shortage.