While the crypto job market is thriving in New York and San Francisco, it is also spreading across the rest of the country.
Although Los Angeles has had the highest number of crypto hires this year, Miami and Chicago are not far behind, according to a new LinkedIn ranking. According to the data, 53 percent of the crypto jobs in the study were dispersed elsewhere in relatively smaller clusters.
When population is taken into account, crypto is having an impact in mid-sized metropolitan areas. For example, for every 100,000 LinkedIn members in Austin, Texas, Denver, Raleigh, North Carolina, and Salt Lake City, two or more people were hired for crypto jobs this year. LinkedIn membership is roughly the size of the labor force in the United States, making it a useful but imperfect proxy in the absence of official sector data.
According to the study, the industry has not settled on a single hub and has instead proven to be decentralized, much like its subject. “Crypto companies are an extreme version of tech, with the ethos of their work being decentralized,” said Diogo Monica, co-founder of crypto technology services company Anchorage Digital. “This means that cities and states with low taxes, excellent infrastructure, and easy access to an international airport will benefit from fully remote work.”
The cryptocurrency job market
A crypto hire was defined in the study as one with a title that included keywords like “crypto,” “blockchain,” “Bitcoin,” “Ethereum,” or “Solidity” – a smart contract programming language. The metric is an imperfect measure because it only captures crypto specialists rather than more traditional crypto firm employees.
The researchers examined over 5,000 hires made since January 2019 that met the criteria. The most common job titles they discovered were cryptocurrency trader, blockchain developer, Bitcoin miner, blockchain specialist, and blockchain consultant.
Cryptocurrencies appear to have had the opposite effect on the job market. According to a Civic Science survey, an increasing number of Americans are quitting their jobs to pursue cryptocurrency. In October 2021, 6,741 people were asked if they would resign from their jobs because of cryptocurrency gains. When asked if they or someone they knew had quit their job in the last year due to the financial freedom gained from investing in cryptocurrency, 4% said yes, and 7% said they knew someone who had.