Better Than Corporations: Layoffs in Crypto Are On the Rise

[Cold_Zero]

Better Than Corporations: Layoffs in Crypto Are On the Rise, Still Lower Than in Other Industries

Since Bitcoin hit its all-time high of $20,000, the dominant cryptocurrency has seen more than an 80 percent decline in value from that historic milestone over the past 12 months.

The popularity of Satoshi Nakamoto’s Bitcoin pioneered the way for other projects to explore the possibilities of blockchain technology. The brightest minds pushed the boundaries, which gave birth to Ethereum, Ripple and other projects that have provided new and unique use cases for distributed ledger technology (DLT).

Their success set the bar high, but that also led the way for a swathe of projects being launched which sought funding from initial coin offerings (ICO). Not unlike the dot-com bubble of the 1990s, hundreds of millions of dollars were raised by projects with half-baked ideas, and now it seems as though the hens have come home to roost.

According to a report published in July 2018, over 1,000 ICOs had been declared ‘dead’ while bigger projects began to slim down their operations to ensure they remain cost-effective and profitable.



Blockchain, Bitcoin jobs on the rise

Even in this harsh slump, the outlook seems positive for the space in general. According to a LinkedIn study, blockchain developers are in high demand on the platform, becoming one of the fastest-growing emerging jobs in the United States.

Over the past three years, jobs relating to blockchain, Bitcoin and cryptocurrency have been on the rise on LinkedIn.

Facebook, for one, with its chequered attitude toward cryptocurrencies, listed five openings for blockchain-related jobs on its career portal earlier this month.



These jobs seem to be extremely lucrative, given the spike in interest in the space over the past two years. Blockchain engineers are said to be earning more than $150,000 a year.

Hired’s “State of Salaries” report also noted a 400 percent increase in demand for blockchain engineers by prospective employers since 2017, all despite the bear market that has dominated in 2018.

An objective view

As previously mentioned, one can draw similar parallels between the rise of internet companies in the 1990s and the rise of cryptocurrency- and blockchain-focused companies from 2010 onward.

Mainstream media headlines have often proclaimed the death of Bitcoin and cryptocurrencies over the past few years.

As an article from the Guardian back in December 2000 summed up, the year the dot-com bubble burst saw around 130 internet companies close their doors, leading to around 8,000 job cuts from internet companies. However, those that survived ended up laying the foundation for the cryptocurrency and blockchain industry we have today.

Via: Coin Telegraph

[PRIBO247]

The layoffs are minimal because these companies recognize the fact that the bearish condition presently being experienced in this cryptosphere is temporary. I believe that in no distant time, crypto jobs will be the highest paid jobs of all time.