Saturday, November 27

Is cryptocurrency trading the job of the lowest earners?

Investing or trading with cryptocurrencies is already beginning to be a way of earning a living for a significant proportion of the working-age population. This is clear from the results of a CivicScience survey of 7,000 American citizens. More than one in ten respondents have the direct or indirect experience of having left their previous job to dedicate themselves to investing in cryptocurrencies. A result that tells us that neither capitalism is what it was, nor is the workplace culture what we were told it was.

Cryptocurrency trading

On The Protestant Ethic and the Spirit of Capitalism, the sociologist Max Weber believed to give the keys that explained why some societies developed economically; while others got stuck. Its objective was to explain the origin of capitalism from factors other than technical development and the productive forces, emphasizing the intramundane effort implied by the Protestant ethic as the engine of continued –and never sufficient- capitalist development. Everyone’s life changed from the seeds and the examples that were initially left by a few. Thus, it was possible to explain the reasons for the economic transformations towards capitalism of some societies – Protestants – compared to others, mainly Catholic ones.

From work effort to speculative management

Blockhain seems to be deeply qualifying the Weberian argument. After all, more than a hundred years have passed since the publication of his thesis. And it is that in the core of capitalism, in the United States indicated by Weber himself, they now seem to lean more towards speculative management in front of a screen of cryptocurrency prices, than for a work effort in precarious and unattractive conditions.

According to the results of a survey carried out by CivicScience, an entity dedicated to the analysis of social trends, 11% of North Americans of legal age have left their job in the last year or know someone who has left to dedicate themselves to the opportunities it offers Blockchain. They have preferred to dedicate themselves to investments in cryptocurrencies or trading. They have done it mainly with the two reference cryptocurrencies: bitcoin and ethereum. 4% is the direct protagonist of this aforementioned change. The remaining 7% refer the change to a known person.

Between $ 50,000 and $ 150,000

It is true that the American work culture is quite different from the European one, so that job stability does not seem to enjoy the weight that it has here or, at least, it had. But now it is no longer about changing jobs. Nor does it stop being a salaried worker to become an entrepreneur, which seems to be more in line with the ideal or myth that we have of the North American Protestant-capitalist ethos. It is about dedicating yourself to cryptocurrency investment. To the purchase and sale of cryptocurrencies, which, although it also requires your effort and dedication, is more closely related to the culture of risk than to the effort recognized with signs of success.

Those who have taken the step of leaving their jobs and dedicating themselves to investing in cryptocurrencies have not done badly. 36% of respondents who personally performed such a step earned more than US $ 50,000 in the past year. 8% more than 150,000 US dollars. Among the acquaintances, the percentage of those who exceed those US $ 50,000 annually reaches 40%. 5% of all these acquaintances who decided to dedicate themselves to the cult of cryptocurrencies exceeded those 150,000 US dollars of income.

In Spain, only 10% of the population earn more than 31,521.1 euros per year

If we compare such income with the average income of those who are dedicated to other tasks and fields, they are still below. It should be borne in mind that, according to the results of the survey analyzed here, 67% of those who did not change their lives in favor of cryptocurrencies exceeded 50,000 US dollars a year in income, reaching 16% those who exceeded 150,000 dollars USES.

Now, if we compare it with our income structure, the thing is even more attractive. It must be borne in mind that only 10% of the population residing in Spain have an annual income of more than 31,521.1 euros, according to the results of the 2020 Living Conditions Survey, provided by the National Institute of Statistics. It is not necessary to remember that access to investing in cryptocurrencies can be carried out from anywhere in the world and it is not necessary to live in New York, Seattle or Colorado.

Of course, to the extent that the inhabitants of such latitudes have more average starting income, regardless of their origin, their ability to access the world of investment in cryptocurrencies and, therefore, their initial earning capacity is greater . Beyond these initial conditions of access, the appeal to make the decision to leave the current job dedication and switch to cryptocurrency trading seems greater in countries with lower labor income and, at the same time, lower costs of living.

Lower labor income

In fact, comments made on the results of the CivicScience survey highlight that the appeal of dedication to investing in cryptocurrencies is especially strong among those with low income from work. Thus, these results tell us that those who have made the life-labor change towards cryptocurrencies are now richer than a year ago. The percentage of what they say is high even among those who made between 25,000 and 50,000 US dollars. The question is: what will happen when the dreaded economic effects, especially in terms of employment, of the pandemic begin to take shape?

It is true that, after all, investing in cryptocurrencies is an activity with a certain risk. You don’t always win a lot. There are even times when you can stumble and lose. It can even be admitted that, like all risky activities, it carries a good deal of stress, when survival depends on the results of investment decisions. That is there.

From Los Angeles or Teruel

However, it also has the attraction of autonomous activity, from home or wherever it is convenient to carry it out, at the time and under the conditions that the worker-investor himself decides. In addition, the effort and skills to win, for example, US $ 50,000 seem relatively similar, regardless of whether they are made from Los Angeles (USA) or from Teruel (Spain). However, the cost of living is very different and therefore the possible ways of life derived from those 50,000 US dollars earned.

According to the fact sheet provided by CivicSciencia, the survey was carried out among 7,000 North American citizens, between April and November 2021. Weighted according to different variables and data from the country’s census structure. A survey that tells us that, for a relevant part of the North American population, those signs of being among the predestined – so sought after in the Protestant ethic – are now sought more through a screen that shows the price of the different cryptocurrencies.

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