According to the conclusions of the reporters and analysts, Bitcoin has been hung up – and it has been hung up more than once, but more than 350 times. Since 2010, articles about bitcoin have appeared every year. While the debate about the specific advantages of cryptocurrencies and whether the blockchain has become mainstream in some industries continues, we believe that the objective data presented by the US talent market is the most powerful argument. Are scientific and technological talents still interested in this field? Does the company also hire employees with relevant skills?
From 2018 to 2019, searches for cryptocurrency, blockchain, and bitcoin jobs fell by 67%. Does this mean that the job market has really begun to phase out this position?
The number of positions has increased and the number of searches has decreased
According to the data we have obtained, the cryptocurrency and blockchain markets are far from dying – in fact, they are still growing rapidly. From February 2018 to February 2019, we saw a 90% increase in the proportion of jobs in the US related to cryptocurrency, blockchain and bitcoin.
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So why is the search volume falling between February 2018 and February 2019? This is…
Bitcoin not only hit a record high in December 2017, but in fact its price in February 2019 increased by 37% compared with the same period last year. In response to rising bitcoin prices, job seekers tend to periodically search for jobs related to bitcoin, cryptocurrency, and blockchain:
Therefore, with the decline in bitcoin prices, the enthusiasm of job seekers has also dropped slightly from last year. However, from 2016 to 2019, the proportion of search volume related to cryptocurrency and blockchain still increased by 553%.
And since 2016, the number of cryptocurrency and blockchain jobs has steadily increased. Although Bitcoin was born as early as 2009, it was not until a few years later that companies really considered the use of blockchain technology outside the currency.
Shortly after IBM announced that its “Bluemix Garage” was ready for full investment in the Blockchain as a Service (BaaS) market, we saw the company's focus on related positions rising rapidly in mid-to-late 2016. In fact, from 2016 to 2019, the proportion of job positions in blockchain and cryptocurrency rose by 4086%. Much of this is due to the banking industry's investment in blockchain, which financial giants have found to improve the speed, security and transparency of data transmission and storage while reducing costs. By the end of 2018, three-quarters of banks are adopting or considering the use of blockchain schemes.
This is also the first time in the talent market that the number of jobs per million job applications has exceeded the number of searches. It can be reasonably assumed that if the bitcoin price drops sharply again, the number of candidates for the blockchain job will also decrease. Considering that the enterprise-level blockchain project is gradually maturing in the past three years, it is almost certain that the relevant technical talents will be in short supply for a long time.
Recruiting the most talented companies in the blockchain
The enthusiasm of employers is reaching an all-time high. We also count which employers in the United States have recruited the most technical talent related to bitcoin, cryptocurrency and blockchain. Although in theory the bank is best suited to deploy blockchain technology, only one bank in the top ten is listed: JP Morgan Chase.
Just earlier this month, Microsoft developed the first distributed ledger platform for the JPMorgan Quorum blockchain (the Ethereum Enterprise Edition launched four years ago) through Azure Blockchain Serivce. In fact, Microsoft ranked eighth in this list, only after JPMorgan Chase.
The other eight on the list are two technology giants (IBM and Cisco) and six consulting companies, including three of the top four accounting firms. Finally, the only professional blockchain vendor, Consensys, appeared on the list. This result proves that although the banking industry has been investing heavily in blockchain technology, so far, the relevant talents in consulting companies are more abundant.
Next, let's look at the geographical distribution of cryptocurrency and blockchain related positions:
Although this list basically reflects the major technology centers in 2019 (the areas with the highest proportion of scientific and technological jobs), it also shows some significant differences. For example, New York is no longer considered a “technical center” because there are many technical jobs here, but this is simply because the total number of jobs that New York can provide is too large and the technical factors are not prominent. However, New York ranks third in blockchain/cryptocurrency positions because of the large number of consulting firms and Wall Street firms in New York. In addition, Chicago and Denver also have a lot of jobs, many of which are related to blockchain or cryptocurrency, but neither of them belongs to the "technology center."
On the other hand, although Baltimore and Raleigh are “technical centers”, they have not entered the top ten of the blockchain/cryptocurrency. All in all, if you are planning to find a new job in a new city, then the choice may not be the “technical center” in the traditional sense. There may be more positions in your place.
It may be difficult to get a good return on investing in Bitcoin now, but the entire blockchain industry has begun to move in the right direction, and now is a good time to join the blockchain career. Job seekers may still be undecided, but from the perspective of corporate employers—including consulting firms, banks, and government agencies—it is not difficult to find the right jobs in the market.
Statistical Methods: The Indeed website analyzes the percentage change in positions related to cryptocurrency, bitcoin, and blockchain per million job applications over a specified time period.
From February 2018 to February 2019, the companies mentioned in the article accounted for the highest proportion of total postings in bitcoin, cryptocurrency and blockchain related positions.
Source: blockchain outpost