How to get a job in Crypto

Getting a job in cryptocurrency can be a worthwhile career move. An exciting new sector, it can be a chance to segue from an industry such as traditional finance or FX into one that is rapidly gaining traction. 

Critics of the crypto industry point initially to the risk – crypto is a notoriously volatile sector, and regulation of the cryptocurrency market is thin.

According to VisualCapitalist, approximately 2,383 crypto coins went bust between 2013 and 2022. This was mainly due to them being abandoned or having no volume. Other reasons included them being fraudulent or failing the initial coin offering (ICO). Therefore, the companies based on these coins can be chaotic, with high turnover and either extremely low or extremely high budgets. 

However, despite this, cryptocurrency is a booming industry, and getting in at the right time could be a very beneficial career move.

In this article, we will weigh up the risks of moving into a cryptocurrency career, as well as all the potential benefits.

Is the cryptocurrency market crashing?

Some are concerned about the cryptocurrency market crashing, and some high-profile figures such as Warren Buffet are sceptical of cryptocurrency full stop.

The root of most of the problems in the cryptocurrency space is misinformation, from both sides of the spectrum. Many scammers are claiming cryptocurrency to be larger than life, and many naysayers of crypto are fuelling rhetoric that the entire market is fraudulent. 

However, the data suggests that the cryptocurrency market is looking positive. According to the Q2 2024 Crypto M&A and Financing Report from Architect Partners, over $750 billion was added to the crypto industry in the first half of 2024. 

Bitcoin ETFs added $15 billion, and public cryptocurrency stock appreciated another $11 billion, also demonstrating the institutional contributions to the industry.

Acquisitions also demonstrated a strong interest from corporations, for example, on May 28th 2024, Riot attempted a takeover of Bitfarms with a $950 million offer, and on June 6th, Robinhood acquired Bitstamp for $200 million.

For M&A in the industry, announced consideration topped $2.7 billion in Q2 of 2024. Therefore, the cryptocurrency market is not crashing, but quite the opposite. 

Advantages of a career in crypto

Getting a job in cryptocurrency could therefore be incredibly beneficial. With the institutional interest in cryptocurrency growing, it is likely that this will provide the crypto industry with steady support as it continues to grow.

1. High earning potential

According to Web3 Jobs, the average yearly crypto salary is $150k per year, with lower-end careers paying around $75k per year, and the higher-end careers paying around $255k. As of July 2024, 83% of these jobs surveyed are remote.

The huge influx of capital into the crypto industry is likely to mean that these salaries will be sustained for a while. With huge interest from retail and institutional traders, companies will be able to offer attractive salaries and benefits likely for years to come.

2. New industry, new skills

Entering the crypto industry could be a great way to learn new skills and even become more entrepreneurial in your ambitions.

As the crypto industry is so new, there is an opportunity to learn new skills and take new directions with your career. If you are already in finance or technology, then transitioning to crypto could be an incredibly worthwhile move.

If the crypto market does continue its trajectory, then your skills will be a highly sought-after specialisation.

3. Shaping the future

If you already have skills in blockchain development, cryptography and managing assets in decentralised finance, then your skills could be in high demand. Specialising in this skillset now could mean becoming a renowned expert in your field – even a pioneer of the industry.

Being an early adopter in the crypto industry could put you in a very powerful position when your skills become more desired 10 years down the line when crypto is a lot more prominent.

Your move into the cryptocurrency space could help shape the payments industry as a whole, and you could play a role in the development of new technologies.

Disadvantages of a career in crypto

While the crypto industry could be an exciting one to enter, it is still a risky one. Full regulation of the industry is yet to happen, which means there are a lot of risk-taking and high-turnover companies. Be sure to do due diligence before accepting a role with a crypto company.

1. Market volatility 

The crypto market is notoriously volatile. The entire cryptocurrency market can drop by 10-20% without warning – in 2021, Bitcoin dropped by 30% in a single day. 

If you have a job in cryptocurrency, it is highly likely that you will be affected by such changes, and you could even be made redundant if the bear market is particularly long.

2. Regulatory & legal concerns

Despite the Financial Conduct Authority’s (FCA) regulation of large parts of the market, particularly with marketing guidelines, there are still areas in cryptocurrency which are unregulated, particularly with cross-border transactions and government regulation. Most crypto assets are unregulated.

As the FCA does not regulate most of these assets, it also means that crypto assets are not FSCS-protected. In short, if you lose your money in crypto, it is most likely gone, regardless of whether it was taken fraudulently or not.

The lack of regulation also might make for a chaotic work environment, as there are no standardised practices, and there are many problems that could crop up as a result. The freewheeling market means that innovation is strong but failure is high.

3. Perception & stigma 

Crypto, while popular in some circles, is also frowned upon heavily by others. The crypto industry has a negative reputation for some people for its energy-intensive processes with mining, which some regard as harmful to the planet.

The high level of mistrust in the industry might also affect your future reputation. For some, trust in cryptocurrency has been permanently scarred by the crash of FTX, and aligning with the crypto industry may cause you some resistance with more traditional financial institutions.

Conclusion

The crypto industry is currently booming, and slowly but surely bringing in regulation and stamping out fraud. To get a job in cryptocurrency, make sure that you understand all the risks involved, and make sure to check each company before you apply.

Looking for a job in crypto? You can check out our jobs board on JobFinder to look for a job in crypto today.