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Quit your job because of crypto profits



 People like those whose $ 8,000 investment in the Shiba Inu meme token exploded to around $ 5 billion within a year are unlikely to be too many. The number of people who have at least become richer than before with cryptocurrencies is likely to be greater. According to a recent study, four percent of Americans of working age are said to have quit their job because of the crypto profits in the past few months.

Profits and losses with cryptocurrencies

The special thing about the highly volatile crypto sector: Even relatively small amounts made at the right time can bring big profits. In the case of Bitcoin, for example, an investment of 40 dollars in 2010 would have been enough to become ten times as much a millionaire - based on the current price. The downside: some altcoins have still not reached their 2017 highs - losses are inevitable. Many are also likely to have been annoyed that they had sold their crypto holdings too early.

But back to the study : In this study, Civicscience in the USA asked whether you had quit your job at some point in the course of this year because you had gained financial freedom through profits from investments in cryptocurrencies. Four percent of those questioned answered yes to this question. Another seven percent say they would know someone who did this. The numbers relate to almost 7,000 responses that were made at the end of October by Americans who were older than 18 years.

However seriously you take the study, the well-known self-made billionaire Mark Cuban, who compared the crypto market with the dot-com bubble in February, elicited at least a “wow” from the results. After all, it could be up to six million Americans. Unsurprisingly, but at the same time interesting, the proportion of those who quit their job for crypto profits is particularly high among the low-wage earners. This is also pointed out by Cuban. Almost two-thirds had an income of no more than 50,000 dollars in their job.

When asked whether investing in cryptocurrencies makes you wealthier than you were a year or two ago, around half of the high earners answered: “yes” (annual income of more than 150,000 dollars). In the other earnings groups, the proportion of those who are now wealthier is significantly lower. However, only twelve percent said they expect to become wealthier than their parents because of their crypto gains.

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