Four Percent of Americans Have Quit Their Jobs After Profiting from Cryptocurrency

Civic Science data revealed that approximately 4% of US residents quit their jobs in the last 12 months because they made enough profits from cryptocurrency investments. The majority of these workers were low-paid with an average annual salary of $50,000.

Crypto Gave Them Reasons Not To Work

Civic Science, a consumer intelligence platform, found that another 7% of participants knew someone who quit their job to make crypto investments.

If you look closely, it is clear that the majority of those who make this decision are people in the lowest income brackets. 64% were individuals earning less than $50,000 per annum. Only 8% of people earning more than $150,000 did this.

American billionaire entrepreneur Mark Cuban shared the results via Twitter. He suggested that this percentage could rise in the future because of the recent rally in most cryptocurrencies.

The survey further showed that active or occasional traders on the stock market are significantly more likely to have invested in digital assets.

Civic Science then asked crypto investors and people who want to be, why they were investing in the asset class. 28% answered that they were looking for long-term growth investments, while 23% stated that they are seeking short-term benefits. The other major reasons were “independence of government involvement” at 12%, and “hedge against adverse economy conditions” with 11%.

It is not surprising that the younger generations have shown greater acceptance of bitcoin and other altcoins. The digital asset market is very promising for those younger than 35 years old. 36% expect that their crypto investments will make them more wealthy than their parents. The percentage of those over 55 years old fell to 6%.

American Youngsters and Their Approach to Cryptocurrency

Another survey found that around 40% of Americans aged under 29 feel confident investing in cryptocurrency. The elderly were also reluctant to invest in cryptocurrencies.

The most active generation to use cryptocurrencies is the millennials, especially millionaires. Nearly half of respondents indicated that at least 1/4 their portfolios had been allocated to cryptocurrencies. A third of respondents staked at least 50%.

George Walper, President of the consulting company Spectrem Group, explained why younger generations find the market so appealing:

“The younger investors were more likely to jump on the idea when it was less well-known. Even though the idea was relatively new, they were intellectually more engaged with it.

Boomers and older investors don’t understand the legitimacy of investing in digital currencies. Walper stated that they are “further back in the understanding” of digital currencies.