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Crypto-related job postings have skyrocketed last year, following the strong performance of crypto markets. Texas and Florida emerged as new hubs for crypto jobs. LinkedIn has reported an astonishing 395% growth of job postings related to crypto.
A survey by Linkedin showed a sharp rise in job postings with terms like “cryptocurrency,” “bitcoin,” and “blockchain” in 2021. Moreover, the growth in crypto jobs outpaced the broader tech industry which saw a 98% increase in listings.
Most job postings were in finance and in software. This includes jobs in accounting, consulting, staffing, and computer hardware. However, blockchain developers and engineers were among the positions that companies were after the most.
Crypto Flees California
The data also shows a regional shift in terms of counties where most crypto jobs were. In 2020, the leaders in the crypto jobs were New York City and San Francisco Bay Area. North Carolina’s Research Triangle, Los Angeles, and Greater Philadelphia were among the top, too.
However, in 2021, Austin, Texas was in the lead, followed by NYC, Denver, and Miami-Fort Lauderdale. The shift may have reflected the flight of capital and high-income professionals from California to other states.
In fact, Tesla (TSLA) CEO Elon Musk also left California for Texas. Moreover, his EV company soon followed. Texas also gives the advantage of a pro-crypto legislature and cheap electricity prices. Cheap energy is particularly attractive to crypto miners.
Moreover, Miami, Florida became one of the crypto hubs in 2021. This may have in been in part due to the city’s pro-Bitcoin (BITCOMP) Mayor. Francis Suarez even said he would airdrop BTC to residents. Miami also hosts the annual Bitcoin conference. Moreover, Florida has one of the cheapest energy prices in the country.
New York, on the other hand, retained its position as a crypto hub. This might also be a result of support from local politicians. Its mayor, Eric Adams, wants to make the city a center of the crypto industry.
2021 In Crypto
2021 was a huge year for Bitcoin and cryptos in general. The crypto market cap briefly passed 3$ trillion in November, when BTC was at a record high. Bitcoin itself reached $1 trillion for the first time.
The staggering growth attracted a lot of capital for crypto projects. Globally, investors poured $30 billion into crypto and blockchain startups. Many celebrities and billionaires jumped on the crypto train, including Elon Musk.
Many crypto companies entered the mainstream. For example, the Crypto.com exchange purchased the naming rights to the famous LA Staples arena. The stadium now goes by the Crypto.com Arena.
Bitcoin and other cryptos also received a great deal of political support. This includes one country, El Salvador, which made Bitcoin legal tender. Crypto markets have since tumbled, and BTC is trading at 40% below its all-time high. Still, crypto markets added some $1.5 trillion in 2021, to some $2.3 by year’s end.
The largest crypto ended the year 60% up since the start of the year. The rise was despite a significant loss in dominance, as BTC fell from 70% to 40% of the crypto market.
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