The landscape of crypto-related jobs has seen a significant downturn this year, driven by market volatility and regulatory uncertainties. The effects have been pronounced across various sectors, leading to severe reductions in employment within the blockchain space.
LinkedIn data, compiled by Coincub, paints a stark picture: Bitcoin-related jobs have nosedived by over 95%, while broader crypto-related positions have taken a significant hit, witnessing a staggering 90% drop. Although less affected, blockchain jobs have also faced a considerable decline, recording a moderate 50% decrease.
The data records 467 web3 jobs in Singapore. (Screenshot from Coincub)
Sergiu Hamza, CEO of Coincub, highlighted the severity of this decline, describing the numbers as plummeting "in a straight line." According to Hamza, this trend reflects a broad downsizing of human resources across multiple crypto-native companies in recent months.
The United States, historically a prominent hub for web3 jobs, witnessed an alarming 84% reduction, with job listings dropping from 21,901 to 3,418 in 2023. Hamza attributed this decline to stringent regulatory measures, which have compelled companies to seek increased operational capital and engage in banking services, prompting some to explore more conducive environments such as the European Union.
Notably, Germany suffered a substantial blow, plummeting from the top spot to ninth globally, experiencing a drastic 92% decline in its web3-related roles. Factors such as geopolitical tensions, including the conflict in Ukraine and sanctions affecting resource supplies, have significantly impacted the country's economy, with projected meagre growth and soaring inflation rates.
In contrast, Portugal emerged as a surprising success story, climbing 14 positions in the global ranking for crypto roles. Its advantageous tax policies and regulations have positioned it as an attractive destination, although impending changes in tax rules may alter this landscape by 2024.
Japan stands out with a notable increase in blockchain jobs, adding 1,825 roles. Meanwhile, other parts of Asia saw declines, with China experiencing a 61% drop and India an 87% decline in crypto-related employment.
Latin America and Africa also faced substantial declines, exemplified by Brazil and Nigeria witnessing over 70% decreases in blockchain-related jobs, as reported by Coincub. The global downturn has highlighted varied regional challenges, reflecting the intricate interplay of geopolitical, regulatory, and economic factors impacting the crypto job market.
The downturn in crypto-related job markets globally underscores the sector's vulnerability to regulatory shifts and geopolitical tensions. While certain regions like Portugal and Japan have displayed resilience, the broader trend signals a challenging landscape for blockchain and web3 employment. This downturn presents an opportunity for recalibration, urging the industry to adapt and innovate amidst uncertainty and evolving regulatory frameworks.
Donald Trump's administration plans to create a national Bitcoin reserve, boosting Bitcoin's role in the global economy. State-level and institutional support is growing, with 10 US states preparing their own Bitcoin reserve plans.
WeatherlyRobert Kiyosaki predicts Bitcoin could drop to $60,000 but remains confident in its long-term potential, planning to buy more if the price falls. He forecasts Bitcoin could reach $250,000 by 2025 and even $500,000, according to an AI model.
AnaisVancouver is exploring using Bitcoin in its financial reserves to protect against economic instability and inflation. The city aims to position itself as a hub for digital asset businesses and attract tech talent.
WeatherlyBrazil is considering a law to create a Bitcoin reserve, RESBit, as part of its economic strategy to strengthen stability and support its digital currency, Drex. Inspired by El Salvador's Bitcoin use, the reserve would diversify assets and be managed with blockchain for transparency.
WeatherlyAlan Joseph, a 36-year-old from Lancaster, Massachusetts, was convicted on 22 November 2024 for operating an unlicensed money transmitting business and laundering money through Bitcoin for criminals involved in trafficking counterfeit goods. He faces up to 20 years in prison and a fine, with sentencing set for February 2025.
AnaisRumble is investing up to $20 million in Bitcoin as part of its strategy to diversify its treasury and strengthen ties with the crypto community. This move follows the example of companies like MicroStrategy, which has invested billions in Bitcoin.
JoyBitcoin is nearing the $100,000 mark, driven by growing optimism around Trump’s crypto-friendly policies and rising institutional interest. The crypto market is surging, with altcoins also gaining strength, signaling a bullish trend across the sector.
AnaisSouth Africa's Schindlers Digital Assets has created a legal process allowing cryptocurrency holders to buy property, making it easier to use digital assets for real estate transactions. The first event will be a property auction on 21 November 2024, marking a key step in integrating crypto with the real estate market.
AnaisMichael Saylor plans to present a Bitcoin investment strategy to Microsoft’s board ahead of a key vote on 10 December. The proposal, backed by shareholder activism, suggests Microsoft consider Bitcoin as a potential investment, citing MicroStrategy's success with the asset.
AnaisA Brazilian pianist lost access to his Bitcoin wallet worth over 2 million reais after misplacing his recovery phrase. Despite efforts to recover it, he faces the harsh reality that without the backup phrase and PIN, the funds are likely gone for good.
Joywhile challenges persist, the crypto and web3 sectors remain resilient. The upcoming bull run is seen as a catalyst for substantial job market growth, offering opportunities for both newcomers and seasoned professionals.
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