The birth of a new industry is rare. Even rarer is that industry becoming larger than most countries within a decade. That’s what we’ve witnessed in the digital assets space in the last 12 years as Bitcoin went from niche technology to mainstream financial instrument. Unsurprisingly, this boom has also created plenty of jobs and economic opportunities for people with the right skills.
Here’s how the crypto boom has changed the global labor market and why this trend could continue for the foreseeable future.
Crypto Job Boom
The vast majority of crypto jobs were created just after the boom in 2017. The four-year period between September 2015 and September 2019 saw the share of crypto jobs in the mainstream economy soar by 1,457%.
Source: Indeed/ Venture Beat
Unsurprisingly, this trend was repeated in the most recent asset boom. In 2021 alone, crypto job postings on Indeed surged by 118%. It’s worth noting that these jobs are full-time employment with mainstream employers, whereas much of the crypto industry is decentralized, anonymous, remote, and freelance. That means the job boom could be even bigger than the official data suggests.
These recent hires in the digital assets industry are also well-paid. Not only has the crypto boom created millions of new jobs, but it’s also infused the tech sector with fresh capital. However, this capital is chasing a small talent pool. The industry is still so nascent that the skills required are in short supply.
This gap between the capital raised and skills available has pushed compensation higher. A blockchain developer with just a few years of experience could expect to earn $154,500 on average. That’s considerably more than the median salary for a traditional software engineer or web developer without blockchain skills.
Skills Gap Within the Industry
The crypto skills gaps are worsening. The industry has expanded much quicker than most other segments of the tech sector. Consider the fact that there are now over 17,834 cryptocurrencies trading across 459 exchanges that are collectively worth $1.7 trillion.
Also, consider that the applications of blockchain technology have greatly expanded in recent years. Non-fungible tokens (NFTs) for digital art sales, decentralized autonomous organizations (DAOs) for fundraising, and play-to-earn games with blockchain features are all recent innovations. These new applications further complicate the sector and increase the demand for new talent. This is why the skills gap in the digital assets sector could persist for the foreseeable future.
The rise of cryptocurrencies has created immense wealth for early adopters. However, the industry continues to create wealth for those with the right skills. Millions of new jobs have been created in this sector over the past few years. As the industry evolves and matures, the demand for talent could persist. This is an excellent time to build a career in the crypto sector.