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Crypto Job Market Decline Parallels Investor Market

According to a leading job listings board, crypto- and bitcoin-related job searches have declined significantly from December highs, very similarly to the overall cryptocurrency market value. 

In a new report published by Indeed, cryptocurrency related searches on the site saw a massive increase in interest starting in June 2017 and peaking mid-December of that year. Bitcoin’s bull run started around the same time, reaching an all-time high of $20K on December 17th. At the peak, searches for “bitcoin” related jobs reached 39 searches per million, and searches for “cryptocurrency” reached 46 searches per million.

Since then, searches for the same two keywords have plummeted by 76% for bitcoin and 41% for cryptocurrency. The similarities in percentage declines and timing of the declines very closely matches the overall cryptocurrency market itself. Indeed suggests that the price declines in the market have caused less interest in potential jobs in related fields.

Indeed claims:

"Over the last year interest in cryptocurrency jobs on Indeed has risen strongly. However, in recent months the prices of bitcoin and other cryptocurrencies have been volatile and (in some cases) declining.”

Indeed says that despite the declining interest in crypto-related jobs, blockchain-specific roles have stayed strong, with the search keyword still bringing in 47 searches per million. The search volume is only slightly lower than its February high, Indeed notes.

"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.”

Bitcoin and other cryptocurrencies are built on blockchain technology, also called distributed ledger technology. Blockchain, not bitcoin or the many altcoins powered by blockchain, is often touted as the next “Internet” in reference to its ability to change the way various industries operate. The sustained interest in blockchain jobs appears to suggest that even if cryptocurrencies die off, blockchain will continue to be utilized in the future. Indeed, concurs:

"Rightly or wrongly, blockchain is seen by job seekers as a viable innovation whether or not bitcoin and other cryptocurrencies are."