Bitcoin price drives interest in cryptocurrency jobs market
Interest in jobs surrounding cryptocurrency are directly linked to the price of the digital tokens that financially back them, according to a report from a leading recruitment website. However, the appetite for blockchain work seems largely unaffected.
The recent slump in Bitcoin and the other major tokens has seen a decline in the interest for jobs in the field. Recently, Bitcoin fell to below $8k, which considering it was peaking at something near $20k at the end of 2017 is quite a dramatic fall in price, signalling not only a sell off but also a decrease in people looking to work with cryptocurrencies.
“Over the last year interest in cryptocurrency jobs on Indeed has risen strongly. However, in recent months the prices of bitcoin and other cryptocurrencies have been volatile and (in some cases) declining,” read a report on Indeed.com, one of the biggest recruitment websites in the world. “Job seeker interest on Indeed for bitcoin and cryptocurrency jobs has fallen, too,” it added, via Coindesk.
The correlation is even harder to deny when you take into account that the second half of December 2017 saw an all-time peak in searches for jobs, with 39 searches per million on Indeed. Interestingly, the desire to work within blockchain seems unaffected by any price variations, which have proven to be volatile of late.
“The sustained interest in blockchain jobs is perhaps a sign that job seekers believe non-financial companies will pursue blockchain applications, even if financial companies see cryptocurrencies as a fad,” the company writes in the report. Rightly or wrongly, blockchain is seen by job seekers as a viable innovation whether or not bitcoin and other cryptocurrencies are.”
Bitcoin is now recovering after the almighty slump it endured in March 2018. At the time of writing, the world’s most famous digital token is up just over 20% this week, according to Coinbase. Although it may be a while before we get back to the prices that caused such hysteria – and job searches – that the end of 2017 saw.