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Crypto-Job Economy Has Grown 118 % in 2021

New job creation reflects how the cryptocurrency and blockchain sector is diversifying

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Crypto-jobs grew by 118 % over the last year, or so indicates the traiding simulator, Crypto Parrot which found that in 2021 by July 16, software programmers constituted approximately 30 % of all jobs in the crypto and blockchain sector.

Administrative positions have the second highest demand in the cryptocurrency sector, accounting for 10 % of jobs in 2021, in that sense, administrative positions grew by 30 % over the last year.

The creation of new jobs reflects how the cryptocurrency and blockchain sector is diversifying. Human resources, marketing and finance positions grew between July 2020 to July 2021 by 200 %.

A radidly growing market

The growing number of positions in the cryptocurrency market coincides with the surge in the value of cryptocurrencies such as Bitcoin and Ehereum, as well as the expansion of the blockchain market and smart contracts.

"La muerte del efectivo" por XCOPy y subastada en CryptoOG's, una de las primeras subastas de arte NFT en el mundo. (EFE)
“The Death of Cash” by XCOPY and auctioned at CryptoOG’s, one of the first NFT art auctions in the world. (EFE)

Within the 2020 run not only hundreds of thousands of investors started investing in Bitcoin and Ethereum, but also institutional players like investment funds, companies like Tesla, or banks like Morgan Stanley.

The listing of companies like Binance has also served to reconcile the traditional financial sector with cryptocurrencies. Today the concept of Decentralized Finance (DEFI) has become central to the development of blockchain and smart contracts going forward.

With NFTs (Non-Fungible Tokens), the blockchain sector has grown from a technology primarily associated with Bitcoin to a digital contract industry, where assets can range from cryptocurrencies to artwork, videos, music, and even memes.

The market has also grown because governments themselves have begun to accept blockchain, DEFI and cryptocurrencies as digital assets of the future. While a country like El Salvador already accepts Bitcoin as legal tender, institutions like the Federal Reserve are working on creating their own digital currency. Some countries such as China already have their own digital Yuan, which, although it does not enjoy the privacy guarantee that cryptocurrencies provide, is undoubtedly an advance towards the digitalization of money.

The city of Miami has also become a big driver of crypto-businesses, several of these businesses have already migrated to the city, and the city has come out with its own cryptocurrency, the Miamicoin. Miami’s mayor, Francis Suarez, has become the most outspoken American public official advocating the adoption of the new crypto-businesses.

Un sistema de enfriamiento líquido usado en los ordenadores que resuelven los complejos algoritmos para generar bitcoins y otras criptomonedas. (EFE)
A liquid cooling system used in the computers that solve the complex algorithms to generate bitcoins and other cryptocurrencies. (EFE)

The blockchain, however, still has the problems of any emerging sector, and although demand for jobs is on the rise, it still struggles to find trained or experienced blockchain personnel.

The challenges of crypto-jobs going forward

Crypto-jobs are mostly new and many of the developers available in the market are self-taught, so several processes in this emerging industry are not yet standardized.

In addition, the regulatory future of the blockchain and cryptocurrency sector is still uncertain, but it is sure to come. The $3.5 billion plan of the Democratic Party includes an article that obliges cryptocurrency traiding platforms to compile and disclose their users’ transaction information to the Internal Revenue Service (IRS).

Other institutions such as the SEC or the European Regulatory Commission also have crypto-assets in their sights to regulate, while countries such as China and India are leading complete crusades to crack down on the use of these assets among citizens.

Like these, new regulations are looming for both cryptocurrencies and the blockchain sector, whether for their operation, or their energy consumption. However, despite the regulations, blockchain and cryptocurrencies are here to stay and will continue to generate new crypto-jobs.

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