Bitcoin's surging value last year promised not only to revolutionize many businesses, but also the job landscape: As of December 2017, searches for jobs mentioning blockchain, bitcoin, or cryptocurrency had jumped more than 1,000% over 2015, an Indeed report found. However, as bitcoin prices drop, this bubble of interest appears to have bursted, according to new data from Indeed, released Friday.
From October 2017 to October 2018, the data showed that job seeker interest for roles related to bitcoin, blockchain, and cryptocurrency declined by more than 3%,. Data from the year prior indicated job seeker interest rising by 482%.
Meanwhile, employer interest in roles related to these terms increased by only 25% this year, compared to 325% the year before, Indeed found.
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Examples of job titles posted on Indeed that mention blockchain, bitcoin, or cryptocurrency include cryptocurrency analyst, cryptocurrency trader, and bitcoin full stack developer.
"While over the last few years Indeed saw a steady rise in job seeker interest for roles related to cryptocurrency, our data shows that job searches for these roles really picked up around the time when the cost of bitcoin was at its highest," Raj Mukherjee, senior vice president of product at Indeed, told TechRepublic. "Since then job seeker interest has gone down, but still remains strong."
This chart demonstrates the dip; the blue line represents job seeker searches for bitcoin, blockchain, and cryptocurrency per million, while the red line represents employer job interest, based on job postings per million, that include bitcoin, blockchain, and cryptocurrency:
Blockchain jobs pay well above the US median salary, a Glassdoor report found: Open blockchain-related jobs on the site offer a median base salary of $84,884 per year. While the job landscape may be in a period of slow growth right now, it's likely that it will pick up again as the technologies mature and more businesses begin to adopt them.
The big takeaways for tech leaders:
- Job seeker interest for roles related to bitcoin, blockchain, and cryptocurrency declined by more than 3% in the past year. — Indeed, 2018
- Employer interest in roles related to bitcoin, blockchain, and cryptocurrency increased by only 25% this year, compared to 325% last year. — Indeed, 2018
- What is blockchain? Understanding the technology and the revolution (free PDF) (TechRepublic)
- The enterprise shows little interest in blockchain technology: Gartner (ZDNet)
- Blockchain: A cheat sheet (TechRepublic)
- RSA yet to be sold on magic pixie dust qualities of blockchain (ZDNet)
- The 6 best blockchain jobs of the future (TechRepublic)
Alison DeNisco Rayome has nothing to disclose. She does not hold investments in the technology companies she covers.
Alison DeNisco Rayome is a Senior Editor for TechRepublic. She covers CXO, cybersecurity, and the convergence of tech and the workplace.