Bitcoin is an industry which creates a ton of jobs. With so many companies getting in on the cryptocurrency action, a lot of employment opportunities are created in the process. However, research indicates there is a factor determining how many jobs are available in this particular industry. It seems the falling Bitcoin price is directly correlated to the job market.
Bitcoin Jobs are Less hot Right Now
It is not entirely surprising to see the Bitcoin price affect the number of job postings in this industry. As is the case with any sector, the economic mood influences the frequency of job postings. A falling Bitcoin value seemingly makes companies more wary of hiring new staff until things improve. The volatility associated with cryptocurrency extends well beyond its market value these days, by the look of things.
Job markets in any industry always respond to the economic mood. The banking sector, for example, is more prone to restructuring and layoffs when quarterly or yearly profits are unhealthy. It is something few people give a second thought to, but there is a clear link between current prices and available jobs.
As the research by Textio shows, these two factors are a lot more closely entwined than first assumed. The number of job openings mentioning Bitcoin rises and falls based on the Bitcoin price. This is somewhat similar to how Google Trends are affected by volatile price movements.
More specifically, the big Bitcoin price decline earlier this year caused a big dip in Bitcoin-related searches. Since fewer people are looking for Bitcoin-related information at this time, it also makes sense for companies to alter their recruitment activity a bit. While that doesn’t mean there are fewer jobs in the cryptocurrency industry per se, it does become a bit more difficult to find them through normal means.
Looking beyond Bitcoin, Textio considered various other cryptocurrency-related keywords including altcoin, DAO, initial coin offering, DApps, and even blockchain. That one is rather interesting, as most people would not expect interest in blockchain technology to be affected by the current Bitcoin price. Based on these findings, it seems things are very different in that regard. Blockchains can succeed without Bitcoin, but Bitcoin still remains one of the better use cases for blockchain technology in this day and age.
It will be interesting to see how this situation evolves in the future. Bitcoin and blockchain will continue to attract a lot of people and create many jobs along the way. Even so, people have to acknowledge not every venture in either of these industries will be successful. Crypto prices influence a lot of things these days, and job postings are one of them.