Four in Every 100 Americans Have Quit their Jobs Because of Crypto Gains
SCIENCE/TECH NEWS SITE Civic Science is downplaying the numbers, perhaps even ridiculously so, but they recently published poll results showing that fully 4% of Americans have quit their jobs over the last year due to “financial freedom earned by investing in cryptocurrency” and another 7% say they know somebody who has.
While these single-digit number might not seem like much at first glance, there’s an important piece of context here: most of these people quitting their jobs aren’t bitcoin millionaires. In fact, it’s just the opposite: most of those quitting their jobs are in the lowest income brackets.
One factor driving the current US worker shortage is the fact that millions of workers who aren’t used to having extra money in the bank have suddenly found themselves with tens or even hundreds of thousands of dollars (at least on paper). Some may have cashed out and sold their crypto to the legion of institutional buyers now rotating into the market (thanks to offerings like BITO). Others might be borrowing against it, or selling a little at a time.
This data implies that while investing in crypto may have provided life-changing levels of income for some, the wealthier owners of crypto use it more as another form of asset diversification rather than source of income.
Those in lower-income brackets mostly aren’t used to having so much money, and since job openings (especially for lower-paying jobs) are so plentiful — and most in lower income brackets are so used to living paycheck to paycheck (or having little in savings) — they’re essentially seizing the opportunity to take some time off from work while they pivot to the play the role of amateur crypto investors, like many Americans did with tech stocks back in the 1990s.
And now that retirees and more institutional investors can buy into the crypto market via BITO, wealthier investors are doing the same thing, though, oddly, many of them see cryptocurrency as a short-term play. Younger investors have more of a tendency to see cryptocurrency as a long-term investment and they’re also more likely to see crypto wealth as a pathway to becoming wealthier than their parents were.
National Vanguard correspondent George H. Brown says investors need to be careful in investing in cryptocurrencies: “There are a lot of garbage coins out there claiming to be ‘the next Bitcoin.’ Many are scams, some scams run by the usual suspects. Some of these junk coins have impressive gains in the short term, mainly due to heavy promotion and the bandwagon effect. But then the rug gets pulled and the usual suspects run off with your money. Look at Rekt News, a site devoted in part to documenting these ‘rug pulls.’ But Bitcoin is different. It is truly decentralized money. There is no board and no ‘company owner’ — in fact, no company at all — to be corrupted or threatened or tempted to ‘go woke’ and ban patriots or otherwise do wrong. It’s anti-banker, anti-usury, permissionless money not controlled by our enemies, as the US dollar is.”
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