Interest in Crypto Jobs Dependent on Price While Interest in Blockchain-based Jobs Remain Consistent
September 01, 2018 07:03:55
Even though the industry is nearly a decade old, dramatic job interest in crypto has arguably only started last year. While blockchain jobs are always a hit, it seems that Bitcoin-related posts are dependent on its current price.
The blockchain- and cryptocurrency industries are exciting to be a part of. As global citizens continue to look for new and improved ways of doing certain processes, this type of technology seems to acts as a beacon of hope between the mounds of paperwork and outdated financial procedures.
Crypto Job Interest Tied to Price
According to the CNBC however, this interest, in the crypto industry at least, is tied to priceactivity. Basically, the better Bitcoin is doing, the more people want to be a part of the market. This type of thinking permeates to job interest as well. Julian Hosp, who is the co-founder of TenX, explained:
If crypto is doing well, if people are making money in crypto, we get huge inbound from people because they feel like, ‘I need to jump on this wave. And then when you see crypto going down — and we saw this at the very beginning [of this year] and we’re seeing this right now — then we see that immediately the demand of people, they’re like, ‘Oh no, this is a dying industry, I shouldn’t go in there.’ So it’s completely emotional.
Asia Keen on Crypto and Blockchain
Asia has been showing substantial and growing interest in the industry though. Robert Walters, a UK-based recruitment firm, as seen a 50% increase in crypto- and blockchain-related job postings in Asia since last year. While industry platforms like Binance are posting, more traditional companies like IBM are also looking for employees with this skill set.
While this same interest is coming from job seekers themselves, although higher for blockchain-based roles, Hosp stated that successful candidates mainly come from outside of the crypto industry:
We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry.
Because Bitcoin-related job offerings seem to be related to price, interest has somewhat waned since December last year. A spokesperson for employment search engine, Indeed, has said that the opposite is true for blockchain technology:
The situation in Asia seems to mirror the US in that Bitcoin trends are much more volatile (and related to price volatility) and resulting media coverage while blockchain and cryptocurrency searches have seen a more consistent upwards trajectory.
Interest is not just for new job seekers, but also for existing companies who want to grow their reach or for start-ups looking for viable solutions for raising capital.
While there is certainly no love lost between crypto and China, the country is very active in blockchain exploration and implementation, especially patent registrations. Wayne Zhu believes that China’s strict regulations on initial public offerings have somewhat forced companies to look to the disruptive industry for answers. The founding partner of NEO Global Capital said:
It’s this predicament of the capital market here that leads to more and more people wanting to try something out in the crypto space. You have a much harder time trying to close deals and making money in the capital market for the last several years, that caused people to think about, ‘Where (can I) actually close deals, (where can I) actually help companies to get money, to get liquidity and the money they need to grow their business?’
There’s More to Blockchain Than Just Bitcoin
Some people who are unfamiliar with the industry may think that blockchain’s sole purpose in life is to support cryptocurrencies but it offers so much more. Zhuling Chen, the co-founder of the Aelf smart contract platform explained:
We’re looking at distributed applications, so that’s where every single entity is expanding into a fully fledged start-up … so now I see blockchain companies are no different from an internet company or technology company. I think that’s also because, right now, blockchain is more than just trading, it’s more than cryptocurrency.
This is clearly evident in the way that it is being integrated into so many different industries, and not just those relating to finance.
While it may not be a solution to every single business out there, it can make the world of difference in companies or sectors that rely on record-keeping. We will, however, need to wait and see how this shift towards automation and streamlined processes affects the current and future workforce.