Crypto Traders As Socially Valuable As Escorts To Brits, Study Finds

Zinger Key Points
  • Healthcare occupations like cardiologists and ambulance paramedics ranked highest in both occupational prestige and social value.
  • This study encourages rethinking how we value different forms of work in the evolving modern economy.
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A study by researchers Gemma Newlands and Christoph Lutz found that Brits perceive cryptocurrency traders to be about as socially valuable as escorts.

What’s Next: The study, titled “Occupational Prestige and Occupational Social Value in the United Kingdom,” highlights the evolving nature of occupational prestige and social value, offering a comprehensive analysis of 576 occupations.

One of the most striking findings of the study is the low social value assigned to digital economy occupations.

Cryptocurrency traders, in particular, were ranked near escorts in terms of their perceived usefulness to society.

The study’s findings are based on a survey of 2,429 respondents, who were asked to rate the prestige and social value of various occupations on a scale of 0 to 100.

Healthcare occupations, such as cardiologists and ambulance paramedics, topped the rankings for both prestige and social value.

Conversely, illicit and stigmatized occupations, including human traffickers and online scammers, were rated lowest in both categories.

“This highlights a significant disconnect between the economic impact of these professions and public perception,” said Dr. Newlands. “Despite the growing influence of digital finance, many people still view these roles with skepticism.”

Also Read: How You Can Make ‘Serious’ Money In Bitcoin This Year: 10x Research

Why It Matters: The study underscores the distinct evaluation axes of occupational prestige and occupational social value.

While prestige often correlates with education and income, social value is linked to an occupation’s perceived contribution to societal well-being.

Dr. Lutz elaborated, “Occupational prestige and social value, although correlated, are distinct constructs. Our findings show that many high-prestige occupations do not necessarily have high social value, and vice versa.”

For instance, footballers and investment bankers, who enjoy high prestige, scored significantly lower in social value.

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On the other hand, roles such as street cleaners and refuse collectors, though low in prestige, were deemed highly valuable for their societal contributions.

“This divergence points to the complex ways in which we evaluate work and its impact,” Dr. Lutz noted.

The implications of these findings extend beyond academic interest, touching on broader societal issues.

The study encourages policymakers and employers to consider how occupational roles are valued and to address the perceived deficits in social value, especially in emerging fields.

“There is a need to bridge the gap between public perception and the actual contributions of digital economy professions,” suggested Dr. Newlands.

What’s Next: Benzinga’s Future of Digital Assets event on Nov. 19 provides a timely opportunity to discuss these findings and explore ways to enhance the societal value of digital economy occupations.

Read Next: Paul Ryan Says ‘Stablecoin Legislation Would Be A Good Step’ To Strengthen US Treasuries

Image: Shutterstock

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