Blockchain and Cryptocurrency Jobs Are on Decline

Report Published From Indeed Shows Blockchain and Cryptocurrency Jobs Are on Decline

Recently, Indeed.com, a Texas-based recruitment platform, has published a new research report about the analysis and possibilities of the job market in the crypto and blockchain industry. Further, Indeed examined the percentage change in the employment postings and a portion of new job searches per million for jobs identified with Bitcoin (BTC), blockchain, and cryptocurrencies from the year 2015 to 2019.

Growth of Blockchain and Cryptocurrency

In recent years, the blockchain and cryptocurrency space has seen enormous development regarding digital asset prices. Additionally, several new companies and existing organizations are currently associated with the blockchain business and its fundamental technology. Moreover, numbers from the previous year, show diminished interest from job searchers even though the jobs in the crypto and blockchain industry has developed, as indicated by recent information collected by most prominent employment site, Indeed.

The below graph shows the employer and job seeker interests in various time frames.

employer and job seeker interests

When Cryptocurrencies were introduced, there were various ways to get free cryptocurrencies, which was a very small amount. There are two sources to get free cryptocurrencies, one is Bitcoin Faucet and another one is Airdrops.

Opportunities in Blockchain

  • Since the introduction of Bitcoin in 2009, few establishments have made various other digital assets and different use cases for blockchain, the technology supporting Bitcoin.
  • When these assets and their fundamental technologies picked up more exposure, the number of individuals entered the field with ideas on how to utilize these opportunities leading to an increase in the number of jobs in this sector.

The below graph demonstrates the Job postings that featured Blockchain job roles in various time frames of all jobs advertised.

Opportunities in Blockchain
  • While the number of employments identified with blockchain and cryptocurrencies has increased drastically over the previous four years, the number of searches for these jobs has radically dropped as of late, as per the research report of Indeed.

Top Blockchain employers

Currently, tech jobs that make the main five crypto jobs incorporate software architect are software engineer, senior software engineer, front end developer, and full-stack developer, as per the report. As indicated by Indeed, two Big Four accounting firms, for example, Deloitte and Ernst and Young, are among the top 15 employers in the business along with IBM, the global tech giant and American global investment bank JPMorgan Chase.

Current Scenario

  • Last year, a part of the blockchain and cryptocurrency-related job postings per million had restrained on Indeed, expanding by 26 percent. Simultaneously, the searches per million for jobs in the sector had diminished by 53 percent.
  • A year back, Indeed’s information indicated interest in blockchain development abilities, including the development of cryptocurrencies. However, it had melted away as Bitcoin’s value and the hype around the Bitcoin diminished.
  • At this juncture, the discrepancy between the jobs being created and the proficient candidates to fill the position had consistently been unbalanced.
  • As indicated by Indeed.com, in the four-year time frame between September 2015 and September 2019, the cryptocurrency employments per million developed by 1,457 percent. In the same period, the searches per million expanded by just 469 percent.
  • However, last year, Bitcoin’s value increased drastically to more than 12,000 dollars before settling back to about 9,200 dollars as of late. The unpredictability appears to be turning potential job searchers off.
  • Moreover, in 2018, the ICO bubble burst affected the entire cryptocurrency market; the market cap witnessed a massive decline of 85 percent. Over and above 1,000 cryptocurrency projects were dropped in 2018, as reported by TechCrunch a year ago. Regulations were introduced in the space as authorities examined various projects and organizations.

Indeed’s Research Findings

  • The year before, the job of creating blockchain distributed ledgers for organizations was positioned first among the best 20 fastest developing occupation skills by Upwork, a Freelance employment site. Moreover, LinkedIn also positioned the blockchain developer as the Number one developing job.
  • For a good possibility of getting a blockchain-related job, job seekers should be familiar with fundamental cryptography, P2P systems, and language like Python, C++, Java, or JavaScript along with certain crypto skills.
  • In 2017, the Initial coin offering (ICO) boom brought significant consideration to the blockchain and cryptocurrency Industry. Moreover, with this ICO boom, start-ups capitalized on a better approach to raising huge measures of funds. With these ICOs came more new job openings.
  • Considering this, various organizations continue to develop like Coinbase and Binance. Furthermore, numerous technology giants like Walmart, Amazon, and JPMorgan Chase have found a way to join blockchain technology in different capacities.
  • Such development requires individuals with explicit skills to implement this technology, thus the increased number of employment postings. As indicated by Indeed’s report information, software architects, software engineers, front-end developers, and full-stack developers were top need hires in the blockchain and crypto industry from October 2018 and September 2019.

Crypto jobs are not Stable even though it faces Uncertainty

  • As Blockchain, Bitcoin, and cryptocurrency industry proceeds with its rapid development and broader adoption, organizations, and industries of different sizes are making long-term investments in these areas by inclining up hiring compared to last year.
  • Moreover, the above-stated pattern is going to continue through 2020, even though there might be higher price instability and specifically, regulatory uncertainty of cryptocurrencies.
  • The organizations with the most active job postings on Indeed last year comprised of standard powerhouses, like Deloitte, IBM, Accenture, and Cisco, among several others, as per the information from Indeed. This list lines up with the present pattern of standard blockchain technology adoption.

The below-given graph depicts Bitcoin’s job growth even though it faces uncertainty.

Bitcoin's job growth
  • By its findings, indeed anticipates that these patterns will proceed into the following year, despite regulatory uncertainty faced by few projects, such as Facebook’s Libra.
  • Moreover, Bitcoin and several other cryptocurrencies may work more like an asset than a currency; it is changing the outlook of retailers. Currently, retailers are beginning to acknowledge digital tokens and progressively more unique kind of use-cases for these technologies keeps on coming up.
  • Eventually, businesses investing vigorously in Bitcoin employments and cryptocurrencies, are becoming progressively acknowledged and accessible. Blockchain technology appears to be staying in the long-run.

Wrap up

However, in light of the numbers listed from the previous year, job seekers have shown less interest in looking for blockchain and cryptocurrency-related employment openings. Based on the figures, it is never too late to stretch out and find a new opportunity. Moreover, if the job seeker has skills in Hyperledger, Python, and Ethereum’s Solidity, they have a great future in blockchain-based technology.

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