The transformative potential of Bitcoin in the job market

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Bitcoin (BTC) has already changed the world, and as it gains traction, its potential to reshape the job market becomes increasingly apparent. Although we have recently seen layoffs at large companies such as Consensys and Kraken, this must be due to the maturity of the industry, where companies are not yet certain about their hiring principles.

The real story is that Bitcoin and its associated technologies will drive long-term job growth and create new roles. Unlike traditional assets, Bitcoin is decentralized. Therefore, it encourages innovation and creates jobs in software development, cybersecurity and financial services.

Despite a poorly organized environment, it is currently attracting the attention of different professionals. In this way, Bitcoin strengthens local economies and increases tax revenues; Thus, not only people but also governments benefit from this.

A new frontier for business – but not without growing pains

To begin with, Bitcoin was the first cryptocurrency. It came as an innovation that was not immediately accepted. But later, as people became more interested in this topic, more companies started launching crypto tokens. To do this, of course, they needed people who had acquired certain knowledge about Bitcoin.

16 years have passed since its invention, and crypto is no longer an undiscovered phenomenon. It is slowly becoming an integral part of our lives; As they say, the future is digital. From blockchain development and data security to market analysis and customer support, the skill sets needed in the crypto industry are expanding.

However, since the industry is not yet fully mature, recruitment standards have not yet been determined. At first, companies rushed to hire employees, anticipating the massive growth they predicted. However, this can sometimes lead to over-hiring as companies have difficulty estimating the exact number of employees needed.

So this hiring boom has faced setbacks lately. Major players in the crypto industry, such as Consensys, Kraken, and dYdX, have laid off significant portions of their workforce in recent weeks. They laid off 20%, 15%, and 35% of their employees, respectively. But this just goes to show that the crypto industry as a whole is still defining the optimal workforce size.

A closer look at the layoffs reveals a more nuanced truth. Crypto companies are re-strategizing more; they are moving to smaller types of companies. From where? Because they think that companies that use web3 tools and artificial intelligence and have fewer but highly specialized employees work more efficiently.

In this sense, Bitcoin and its associated technologies are not only creating traditional roles but also increasing the demand for a workforce with cross-functional and adaptive skills. Companies increasingly need roles that can be dynamic and evolve with the industry.

Additionally, the volatility of the crypto market means that hiring trends tend to rise and fall depending on Bitcoin prices and overall market sentiment: During up periods, companies have higher profits and often expand their workforces. Conversely, bear markets, regulatory challenges, and internal restructurings can lead to workforce reductions. We see this in recent layoffs.

The big picture: long-term growth despite disruptions

The picture of employment trends in the crypto industry is much broader than it might appear at first glance. Despite the recent influx of layoffs, crypto-related jobs still seem attractive to the masses; The demand for crypto-related roles continues to grow.

Supply also maintains its positive trend. The biggest increase in positions is seen in blockchain development and product management. There is also a need for people with skills in topics such as decentralized finance, digital asset custody or blockchain law. And this is very interesting because such a trend represents the diversification and growth of the business market around Bitcoin.

Providing training programs and certifications in crypto and blockchain to ensure the workforce of the future prepares new generations to work in this new economy. Crypto-related education has become more common, so job seekers are better equipped with the skills necessary for roles in this industry. This reduces the need for companies to hire large teams.

Adapting to the industry

Since the market has not yet reached full maturity, there will be a need to adapt. Many of the roles in the crypto industry did not exist a decade ago, and even more new roles will continue to emerge. Some professionals may find themselves in positions that were not available when they entered the job market.

Continuing education and skills development is more important than ever before. The Bitcoin job market requires a mix of technical expertise and regulatory understanding. Companies will definitely try different business models and have to overcome regulatory challenges. In order to do all this, employees who can quickly adapt to changes and work efficiently will be needed.

Arthur Azizov

Arthur Azizov is the CEO of B2BINPAY, an all-in-one crypto ecosystem for businesses. A thought leader and visionary with a global perspective, he founded his first business, a payment terminal company, in 2007 and has since accumulated over 15 years of practical entrepreneurial experience. Prior to B2BINPAY, he founded and scaled B2Broker Group, an international brokerage firm with over 450 employees and a $70 million valuation.