Cryptocurrency Job Openings Zoom Amid 2021 Value Growth Euphoria

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A new report by Indeed.com suggests job vacancies in the cryptocurrency industry are rising as the value of cryptocurrencies shoots up. Data also indicates that a significant chunk of these new openings, a lot of which are remote-based, are for non-technical, supporting roles such as marketing and finance- demonstrating a mushrooming ecosystem.

Hiring in the cryptocurrency industry is on an upward trend despite being subject to increasing regulatory scrutiny by lawmakers. According to a report from job listings and metasearch platform Indeed, as of July, the share of job posts for crypto- and blockchain-related positions surged by 118% compared to the previous year.

The company attributes this to the skyrocketing cryptocurrency index witnessed in the first half of 2021 starting as early as January. For instance one Bitcoin, the first decentralized digital currency that came into existence over a decade ago reached new heights in April 2021. Besides Bitcoin, which touched $64,888Opens a new window this year, the value of other cryptocurrencies also ballooned owing to digital currencies being viewed as the norm in the future.

Ethereum, the next biggest cryptocurrency also hit a record high and gained popularity earlier this year. Even Dogecoin, the cryptocurrency made as a joke, turned a lot of heads.

Not only do cryptocurrencies have the potential to usher in the next revolution in FinTech, the technology behind it, blockchain, is already unlocking various new avenues for professionals seeking work. This includes finance, marketing and other roles in addition to development and mining activities.

As such, job postings that incorporated terms like crypto or blockchain more than doubled between November 2020 and July 2021, but not before witnessing a period of lull before the outbreak of the novel coronavirus. It even declined after the healthcare crisis was declared a pandemic.

Driven partially by the demand for non-technical roles, the spur also indicates that the initial phase of the cryptocurrency industry is nearing its prime.

Crypto Industry Hiring Shift | Source: IndeedOpens a new window

“This shift highlights the maturation of the crypto and blockchain industry. Any business eventually hits a point where operations expand beyond core technical functions, requiring employees with different skills sets. That’s now happening at a greater pace in crypto and blockchain,” Indeed said.

See Also: U.S. Sanctions Russian Cryptocurrency Exchange Frequented by Cybercriminals

The fact that governments around the world are looking to crack down on cryptocurrencies owing to their use in illicit activities seems less than detrimental to the growth of the sector. China has imposed an outright ban on cryptocurrencies while the U.S. Commodity Futures Trading Commission (CFTC) fined Kraken $1.25 million for allegedly offering margin trading, which is illegal in the U.S.

Binance is also facing the heat from the Department of Justice, while Coinbase Global ran into trouble with the Securities and Exchange Commission (SEC) over Coinbase Lend, a new offering wherein the cryptocurrency exchange would hold its users’ crypto and offer them a 4% interest on it.

This is exactly the kind of service that regulators are apprehensive about. Cryptocurrencies aren’t technically a security, yet. So, whether or not cryptocurrencies, that have the potential to become alternatives to the traditional banking and financial system and, are treated as such is a highly contested area.

Nevertheless, it has backing from some well known business executives and billionaires such as Tesla and SpaceX CEO Elon Musk, Twitter co-founder Jack Dorsey, the Winklevoss twins, venture capitalist Peter Thiel, and others. Recently, it came to light that billionaire investor George Soros’ asset management company Soros Fund Management owns Bitcoin.

Soros Fund Management CEO Dawn Fitzpatrick saidOpens a new window they own “some coins … but not a lot.” Bitcoin has been on an upward spiral ever since.

Indeed’s data and findings are limited only up to July 2021. Until then, crypto- and blockchain-related searches surged 300% and 137% respectively. Unsurprisingly, 36% of all crypto and blockchain job postings specified remote work considering cryptocurrencies themselves have a decentralized outlook.

The number rises even higher (44%) when it comes to software development roles in the industry. This towers over the number of jobs posted as remote ones (7%) for all other Indeed job postings as well as the 31% share for software development roles outside crypto and blockchain.

“Everyone is hiring right now across roles,” Daniel Adler, founder of CryptocurrencyJobs.co, said last month. CryptocurrencyJobs.co itself saw a 1,500% growth in paid job listings. “At the beginning of the year, some teams were looking to double in size. Some already have, and are looking to grow further. Hiring is highly competitive. And it’s the strongest I’ve seen since launching CryptocurrencyJobs in 2017.”

Note: Correlations related to postings/searches were run on the seven-day moving average of the share of crypto and blockchain job postings/searches per million and the closing prices of BitcoinOpens a new window and EthereumOpens a new window reported on Yahoo Finance from September 1, 2020 to July 16, 2021.

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