Study finds workers used crypto as parachute for high-turnover labor market



“Take this job and shove it!…”

Johnny Paycheck’s famous refrain was echoed by a great number of workers in the past year. Experts call this the “great resignation,” and much ink was spilled talking about this collective walkout.

“A record number of Americans are quitting their jobs across the U,S…” wrote Aimee Picchi for CBS October 25, in localized analysis. “But the phenomenon is making an outsized impact in some regions: In Georgia, Kentucky and Idaho, more than 4% of workers voluntarily left their jobs in August — the highest rates in the country.”

Today at Cointelegraph, Brian Quarmby talks about one of the major vehicles for disgruntled workers looking to make a change.

Quarmby sites a study by Civic Science that found 4% of 6700 respondents quit their jobs last year due to windfalls from crypto investments.

Of those, nearly two thirds made under $50,000 per year, characterized by Quarmby as “low income.”

The coincidence in numbers – 4% in Picchi’s story and 4% in the Civic Science survey – suggest that front-line workers are more savvy with cryptocurrency than perhaps their higher-ups might think.

Quarmby provides the following disclaimer on the nature of the responses to Civic Science:

“Civics’ findings may need a pinch of salt, given that it cross-referenced the data from different periods of time and a varied number of respondents. It is also unclear what constitutes “financial freedom” in this context, as Civic provides no explanation or data for what level of crypto gains the respondents made.”

As for motivation, a second study cited by Quarmby showed that 23% of respondents used crypto as a short-term investment, while 16% were looking to use as a payment medium, perhaps for online gaming or other purposes.

Whatever they used it for, cryptocurrency offered these lucky and prescient individuals the opportunity to get economic freedom at just the right time. The great resignation continues, and those with a crypto parachute are mostly faring pretty well.