More Americans quit their jobs, cite "financial freedom" from crypto assets - survey

(Kitco News) More Americans are quitting their jobs as they cite "financial freedom" gained from their crypto investments, according to a recent survey.

A Civic Science poll showed that 4% of 6,471 respondents resigned from their jobs in the past 12 months, citing "financial freedom" due to their crypto investments.

Another 7% of the respondents answered that they knew someone who had quit their job because of that specific reason.

The survey was published Nov. 1 after polling Americans 18 years of age or older in October.

Drilling down on the data, Civic looked at the annual income of those who have quit their jobs. The survey revealed that the majority of those who resigned were in the lowest income brackets — $50,000 per year or lower.

"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 source of income. And further data elaborates this point," the survey said.

Here's the link to the full survey. 

Billionaire investor and Dallas Mavericks owner Mark Cuban reacted to the data, tweeting:

"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. And this was BEFORE the current runup."

Then he clarified: "I should have said, 4pct of the Labor Force, or approximately 6m people."

MicroStrategy CEO Michael Saylor also chimed in: "If you construct a portfolio of scarce, desirable assets, you can sail to financial freedom powered by the winds of inflation."

If you construct a portfolio of scarce, desirable assets you can sail to financial freedom powered by the winds of inflation.

— Michael Saylor????,? (@saylor) November 3, 2021

On Wednesday, Federal Reserve Chair Jerome Powell spent a large part of his press conference talking about the employment problem in the U.S., noting that the economy is still far away from the central bank's goal of maximum employment.

"Inflation has come in higher than expected. Bottlenecks have been more persistent and are on track to persist well into next year. I don't think we are behind the curve. The policy is well-positioned to address the range of plausible outcomes. It will be premature to raise rates today. We want to see the labor market heal more," Powell said at a conference that followed the Fed's interest rate announcement. 

Powell also highlighted that employers still have difficulties filling job openings. And that "people are quitting their jobs at record numbers, but many are going back to higher-paying jobs."

#POWELL: People are quitting their jobs at record numbers but many are going back to higher-paying jobs. There are also significant numbers of retirements. #FED

— Kitco NEWS (@KitcoNewsNOW) November 3, 2021 By Anna Golubova

For Kitco News

Follow annagolubovaagolubova@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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