What does the rise in Cryptocurrencies mean for jobs in the industry
- Author: Neil Dundon
- Date: 27 Feb 2018
The world didn't pay much attention to Bitcoin when it was first released in 2009. It had very little value, until millionaire investors like the Winklevoss twins paid attention to cryptocurrency. Since then, despite the continued lambasting of financial gurus, cryptocurrency survived and retained its popularity. In December 2017, the cryptocurrency Bitcoin was priced at around $17,000 per coin (although that has now changed).
The rise of cryptocurrency
The rise of cryptocurrency is evident through the amount of Initial Coin Offerings (ICOs) that are being publicly offered. Instead of reaching out to traditional funding sources like Silicon Valley, some entrepreneurs have found it easier to start an ICO company, and pre-sell digital funds to backers in exchange for real cash. While the idea may sound preposterous to traditional investors, several ICOs have already seen success. FXCM suggests that ICOs saw compelling returns last year, with Ether (ETH) tokens rising to $415 in June from its price of $0.311 in 2014. The amount of new cryptocurrencies popping up every month, and the number of people that support and buy popular digital funds, is evidence that digital funds are here to stay.
Cryptocurrencies giving birth to new jobs
Needless to say, the skyrocketing prices of cryptocurrencies and the increasing number of ICOs have created more jobs. Cryptocurrency mining has created a new sector of jobs across the globe, especially in developing countries. For instance, despite banning cryptocurrencies, China has a large mining industry. In Africa, countries like Ghana have also started to mine Bitcoin in order to enter into the cryptocurrency market.
Forbes revealed that job postings that mention blockchain, Bitcoin, or cryptocurrency have increased by 621% since November 2015. The supply is increasing with the demand, as a 1,065% growth was seen in job searches that state the aforementioned terms. Two of the most important jobs listed by Forbes are mining technicians and cryptocurrency analysts.
Some of the companies that are searching for employees with a background in blockchain, Bitcoin, and cryptocurrencies are Capital One, Uber, eBay, GEICO, and Match.com.
The biggest growth in job opportunities for the industry has come with the emergence of ICOs. Bitsonline note that most cryptocurrency companies are looking for employees with skills to manage ICOs. The crypto site believes that ICOs have become known as the new “gold rush” and “new dot-com bubble” which has led to an influx of investors creating new jobs.
There are currently a lot of jobs being offered by such companies, from project managers to data scientists. There are job sites that now specialize in featuring cryptocurrency postings so companies can find potential applicants quickly.
Cryptocurrencies have created plenty of new jobs, yet there is a danger that if the bubble does burst, these people will find themselves unemployed. Currently the market is booming and is expected to continue to expand in the near future. As long as there’s demand for these digital funds, there will always be work for tech-savvy individuals.
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