Despite several turbulence and high-profile collapses, the number of individuals earning their living in the crypto world has magnified over the past four years. The trend, spotlighted by crypto research start-up K33, indicates crypto-related employment has spiked approximately 160% since 2019. With an estimated headcount nearing 190,000 by 2023, the increase seems to parallel Bitcoin’s price dynamics, which escalated over 300% from its average annual price of roughly $7,200 in 2019, according to CoinGecko.
However, the boost also mirrors the industry’s turbulent nature. Notably, industry giants, including major cryptocurrency exchange Kraken, experienced an employment surge exceeding 150% since 2019, as disclosed by the firm’s chief people officer Pranesh Anthapur. However, this employee inflation hasn’t come without challenges. The crypto sector has weathered several rounds of layoffs throughout the past year, with firms such as Coinbase, Binance, Crypto.com, Dapper Labs, and even Kraken finding themselves forced to reduce their headcounts.
While the crypto job market’s expansion has been notable, some point to the sector’s volatility as a destructive influence on job security. Despite the industry’s peaks and troughs, certain crypto giants, including Tether, lender of the world’s largest stablecoin, have never employed more than 100 people. Nevertheless, it seems the sector’s workforce is generally rising, signalling mainstream adoption and increased expectations for digital assets.
Highlighting the resilient nature of the crypto industry, hardware wallet firm Trezor’s CEO Matej Zak shared that his company’s employee numbers surged by 120% since 2019. Alongside increased hiring, firms are focusing on talent retention, signifying the industry’s long-term faith. They prioritise attracting and keeping talent even during crypto’s bearish markets rather than cyclic hiring and firing, which is often seen as short-term market frenzies.
Despite the cuts or the overall volatility, it appears the crypto sphere’s job landscape is significantly larger now than it was four years ago. This expansion proves one vital point: the crypto industry remains attractive to job seekers and is likely to continue delivering employment opportunities in the coming years. However, the complex and fluctuating nature of the space also suggests that potential candidates must stay adaptable, ready to navigate crypto’s infamous volatility.
Source: Cointelegraph
