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Crypto-related job postings 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 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 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.
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.
Tesla 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. Affordable energy is beautiful to crypto miners.
Moreover, Miami, Florida, became one of the crypto hubs in 2021. This may have been partly due to the city’s pro-Bitcoin 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.
On the other hand, New York 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 centre of the crypto industry.
2021 In Crypto
2021 was a massive year for Bitcoin and cryptos in general. The crypto market cap briefly passed 3$ trillion in November, when BTC was 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. In addition, many celebrities and billionaires jumped on the crypto train, including Tesla CEO Elon Musk.
Many crypto companies entered the mainstream. For example, Crypto.com exchange purchased the naming rights to the famous LA Staples arena. As a result, the stadium now goes by Crypto.com Arena.
Bitcoin and other cryptos also received a great deal of political support. This includes one country, El Salvador, that made Bitcoin legal tender.
Crypto markets have since tumbled, and BTC is trading 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. Despite a significant loss in dominance, the rise was as BTC fell from 70% to 40% of the crypto market.