Cointelegraph says that Silicon Valley is still growing fast, despite the fact that it has faced a string of firings.
We have not seen a slowdown in the hiring of criptocurrencies. Neil Dundon, founder ofCryptoRecruit, told Cointelegraph that we are as busy as ever.
When the price of the virtual currency falls, the hiring of the digital currency has slowed in the past. Dundon said that it was almost directly correlated to its price. It is different this time, as cryptocurrencies companies now manage their treasuries in a more responsible manner. This all leads to a more stable hiring market. The growth of criptocurrencies is faster than in tech jobs. A LinkedIn study showed a 400% increase in jobs related to cryptocurrencies and blockchain in the U.S. from 2020 to 2021. There was only 98% growth in tech jobs during the same timeframe.
The most sought-after positions in the sector were engineers and developers, who make an average of more than $100,000 a year.
As more tech companies are wading into the space, the forecast continues to look bright, according to Dundon, as more tech companies are allocating some budget to look at how they might incorporate blockchain into their existing models. As traditional tech downsizes, more companies are entering the space, but the candidates are flocking over. It doesn't mean that it's looking great for all criptocurrencies companies. The largest exchange in the U.S. -- Coinbase - declared its hiring needed to hit pause, given that the first quarter saw $430 million worth of losses. The company said it was planning to slow down the hiring process and reassess our headcount needs against our highest priority business goals. Despite these trends, the job market for cryptocurrencies is still accelerating and many job seekers are still eyeing the industry as one that is ripe for continued growth.
Kevin Gibson, founder of Proof of Search, told Cointelegraph that he had only heard of two companies that let people go. This may change in the next month but it will immediately be taken up by well-funded quality projects. As a candidate, you won't notice any difference. If you lose your job, you will have multiple offers. Tech industry workers have taken a beating when compared to crypto jobs. Recently, Robinhood fired about 9% of its staff, while Peloton said it would contract by 20% to save money, and Cameo, the celebrity video-appearance appearance app, said it would lay off about 25% of its staff. There were layoffs on Twitter, Uber, and Amazon, while Facebook said it would institute a hiring freeze and reevaluate some recruitment practices.
There is a slowdown due to the Pandemic-era growth and concerns that new funding may no longer be available due to declining public market valuations, which is a factor in the slowdown for tech companies' ability to get fresh funding rounds.