Cryptocurrency Creates Its Own Economy: 82% Growth in Bitcoin and ICO Jobs
It’s not just digital asset prices that are growing — an entire new economy is appearing around them. Jobs portal Freelancer.com says Bitcoin-related jobs grew by 82 percent in third quarter 2017 — by far its fastest-growing category. But there’s a catch.
Freelancer.com said Bitcoin industry work saw substantial growth in the past few months. On Wednesday the company said work ads across the wider cryptocurrency industry is rapidly expanding that category.
And it’s not just work that mirrors existing jobs in a new industry. Matt Barrie, CEO of Freelancer.com in an interview with CNBC said: “People are getting freelancers to design new types of cryptocurrencies.”
In accordance with the site’s data, interest in cryptocurrency-linked services is skyrocketing. But what are companies actually looking for?
Mainly, they’re looking for skills at managing initial coin offerings (ICOs). For the record, all cryptocurrency and blockchain work postings on Freelancer.com fall under the “Bitcoin” category.
ICO Job Opportunities Have Soared in 2017
The report continued: “Cryptocurrencies have soared in recent months, bitcoin passing the $6,000 USD mark at the time of releasing this Fast 50 report. ”
However, despite the report’s connection between Bitcoin’s growth and rise in crypto industry jobs, most of the job posts have nothing to do with Bitcoin. The majority of postings by employers are for individuals that can help run an ICO.
ICOs are variously described as a “gold rush” or “new dot-com bubble“. With startups setting nine-figure USD records on some token sales, ICOs are so lucrative that countries like China and South Korea have banned them. The unregulated industry has the potential to wipe out large amounts of citizens’ savings if token projects are too “hot”, or poorly managed.
Additionally, employers on Freelancer.com were looking for people who could write proposals for technologies engaging blockchain. Others posted tasks for individuals that could develop fresh digital tokens to introduce in the market. The periodic evaluation of the company shows top trends in online jobs on basis of job listings on the platform.
Alternative Crypto Jobs on Freelancer
One thing common with cryptocurrency related jobs is that they all listed in in the “Bitcoin” category. Ethereum-related jobs, altcoins, and blockchains also comprise this category.
In the companies report, Barrie also looked at ICOs — which his company seems to be encouraging. It said: “Our global community has expertise across over 1,000 areas of expertise, so if you are living in Poland but would like help with setting up your ICO, then we give entrepreneurs a place to turn.”
According to recent data from CoinSchedule, ICOs have raised over $3.2 billion in 2017 alone.
Freelancer.com has 25 million users with over 12 million jobs posts till date. In the third quarter, it ran 480,000 job posts. The top employee potentials on the platform were for Adobe Indesign, 3D design, and web language HTML5.
Similar Employment Reports From Other Platforms
The report also pointed to skills, once in high demand, that are now experiencing decline. For example, Microsoft-related job requests are down by 41 percent.
The growth in crypto-related work is not restricted to Freelancer.com.
AngelList saw a similar rise in the sector, proclaiming the increase in crypto services has doubled in six months. It reported only 442 crypto jobs were posted on their platform at the start of the period. Now the company predicts the listing to reach 1,255 jobs by the end of the year.
If the current growth in both price and interest continues, the field will actually create its own economy. The crypto craze has built some bubbles already, but the technology behind it — blockchain technology often seems to have limitless applications.
Is this a positive sign for the blockchain and cryptocurrency industry? Feel free to share in the comments.
Images via Freelancer.com, Pixabay