Bitcoin Losses Are Costing Jobs

Bitcoin losses are costing jobs. At least, that is what the data suggests. There is a correlation between bitcoin price performance and interest in the bitcoin and cryptocurrency job market. Bitcoin losses are weighing.

When times are good in the bitcoin price, it’s reflected in rising demand for cryptocurrency and bitcoin jobs. But as soon as the bitcoin price gets rocked by volatility or worse, weakness, investors aren’t the only ones to flee.

In the past few months, people on the job hunt have similarly demonstrated less of an interest in being hired by a cryptocurrency startup. Meanwhile, demand for blockchain jobs has persisted, suggesting that the mainstream is drawing a distinction between the future of bitcoin and the technology that underpins it. Here’s the proof –

Cryptocurrency job searches rose in tandem with the bitcoin price in the six months leading up to mid-December on Indeed, culminating in a peak for both the BTC price at nearly USD 20,000 and the number of cryptocurrency job searches at “46 searches per million” for the week ended Dec. 14. Bitcoin searches peaked at “39 searches per million” during the same week.

“Starting in mid-December, the price of bitcoin began to fall, and so did job seeker interest. From mid-December through March 15, searches for “bitcoin” have declined 76% and “cryptocurrency” by 41%.” — Indeed’s Hiring Lab 

Blockchain searches remain at 47 searches per million, where they have hovered for much of the first quarter of 2018. There was a brief spike in blockchain job interests in February, and overall it’s held its own.

“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. Rightly or wrongly, blockchain is seen by job seekers as a viable innovation whether or not bitcoin and other cryptocurrencies are.” — Indeed’s Hiring Lab

Poaching Talent

Indeed has evidence of a trend, but there are other ways that engineers, coders, etc. find work in the cryptocurrency space, including job fairs and in some cases being recruited by tech companies. For instance, CCN recently reported that Google is developing its own blockchain. The tech giant has reportedly begun to back blockchain startups, which gives them access to top talent in the field.

Then there’s bitcoin mining, which critics have said don’t usher in many new jobs when they come to town because the machines do all the work. So cryptocurrencies as a market boast different features than the traditional job market. Having said that, US jobless claims are at their lowest level in 45 years, which suggests fewer people are looking for work altogether.