While blooming in New York and San Francisco, the crypto job market is also sprouting up across other parts of the United States.
Although Los Angeles has also among the largest shares of crypto hires this year, Miami and Chicago are not far behind, according to a new ranking based on LinkedIn data. Some 53% of crypto jobs in the study were dispersed elsewhere in relatively smaller clusters, according to the data.
Adjusting for population, crypto is making an impact in mid-sized metropolitan areas. For instance, two or more people were hired for crypto jobs this year for every 100,000 LinkedIn members in Austin, Texas, Denver, Raleigh, North Carolina, and Salt Lake City. LinkedIn membership is approximately the size of the U.S. labor force, making it a useful, but imperfect proxy in lack of official sector data.
The study shows that the industry hasn’t settled on a single hub and has rather proven decentralized like its subject. “Crypto companies are an extreme version of tech, where the ethos of their work is about being decentralized,” said co-founder of crypto technology services company Anchorage Digital Diogo Monica. “This means cities and states with lower taxes, great infrastructure, and quick access to an international airport will benefit from fully remote work.”
Crypto job market
The study counted a crypto hire as one with a title that include keywords such as “crypto,” “blockchain,” “Bitcoin,” “Ethereum,” or “Solidity,” – a smart contract programming language. The metric serves as an imperfect measure, only capturing crypto specialists, rather than more traditional employees for crypto firms.
The researchers analyzed over 5,000 hires since January 2019 whose jobs met the criteria. They found that the most common job titles were cryptocurrency trader, blockchain developer, Bitcoin miner, blockchain specialist and blockchain consultant.
Cryptocurrencies have also affected the job market in seemingly the opposite way. A Civic Science survey revealed that an increasing number of U.S. workers are quitting jobs for crypto. The question about resigning from a job due to crypto gains was posed to 6,741 respondents in October 2021. When asked if they or someone they know had quit their job at some point over the last year due to financial freedom earned by investing in cryptocurrency, 4% responded yes and 7% said they knew someone that had.
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