Job Opportunities and Challenges in the Digital Assets Industry

Cryptocurrency jobs are a growing field that can offer interesting and well paid roles to professionals with a variety of skills and experience levels. The range of roles is expanding thanks to a widening employer base, meaning that developers, marketeers, consultants and others can find roles in the cryptocurrency industry that may be a good fit.

Despite this, some job seekers may still have questions about the crypto sector. Is it stable? Is it suitable for my skill sets? In this article, we provide a quick overview of the market and the opportunities.

Is cryptocurrency a stable market?

The world of cryptocurrency continues to be a very hot news topic with barely a day going by without a mention from a leading business person. Whilst only recently, US Billionaire investor Warren Buffet was comparing Bitcoin to a gambling token, Elon Musk has often driven cryptocurrencies to new highs with his support in recent years.

Growth highs were certainly the story behind cryptocurrencies - until the so-called crypto winter of 2022. This saw big declines across all cryptocurrencies with Bitcoin, arguably the crypto talisman, falling from a record high of $69,000 in November 2021 to $17,000 by December 2022.

The crypto winter proved too harsh for many businesses, most notably FTX, a previous rising star of the industry, which came crashing down into bankruptcy in late 2022. Yet many in the industry believe that the crypto winter and the failure of FTX caused competitors and the wider industry to quickly review their approaches and bring more structure and formality to their operations.

Has cryptocurrency weathered the winter?

Future forecasts are that, following the crypto winter, the industry is returning to growth. The chart from Statista below estimates that 2023 will see crypto revenues returning to a more moderate level of growth over forthcoming years - if not the heady levels seen in 2021.

Cryptocurrency revenues

Source: Statista

Crypto roles are expanding

Along with the growth of cryptocurrency, there has been commensurate expansion of job opportunities within the industry. There are also signs that more people from ‘traditional’ financial backgrounds are entering the market. Just recently, former Bridgewater Deputy CEO and COO, Diana Zhang, joined Crypto Fund BlockTower commenting on how it was the right time to move post crypto-winter.

One might assume that cryptocurrency companies are only searching for developers, mathematicians and blockchain experts? Not so - as the sector matures, cryptocurrency jobs will open up roles in a variety of sectors including finance, legal, sales, operations and marketing. 

Crypto is also seeing an expansion of the type of companies operating in the field. Notionally ‘crypto’ companies like Coinbase and Binance have been offering employment opportunities for individuals interested in cryptocurrency trading and blockchain development for some time now. 

Now they are being joined by companies such as IBM and Microsoft who are also investing in blockchain technology and are looking for professionals to help them develop, implement, sell and manage their new solutions.

Crypto job opportunities are growing

The growth in demand for cryptocurrency jobs is expected to continue over the coming years, as more companies and industries adopt blockchain technology and seek to benefit from the expanding market. 

Whilst some of these roles may require different skills and experience levels, all are likely to involve working with digital currencies in some capacity - and from this perspective, may present alternative opportunities for those job seekers currently working in traditional finance roles.

Do Cryptocurrency Jobs Pay Well?

As we have outlined, cryptocurrencies are growing and there are more businesses entering the market. This is causing more demand in cryptocurrency jobs - and the supply is currently limited as job seekers are potentially questioning if crypto is as stable as traditional finance.

Consequently, this high demand and constrained supply means that pay in the sector is healthy. According to a report by Glassdoor, the average annual salary for a blockchain developer in the UK is around £50,000. In addition to this, many companies are also offering equity or other forms of compensation that can be very lucrative if the sector continues to expand and the company is successful.

What types of Cryptocurrency Jobs are on the market?

As previously outlined, cryptocurrency technology is constantly evolving. It is bringing in new competitors and established businesses from adjacent sectors. As it does, new job opportunities arise and here are some of the most common types of cryptocurrency jobs:

• Blockchain Developer: Responsible for creating and maintaining the code that makes up a blockchain on which the cryptocurrency is traded. Many may work on public blockchains like Bitcoin or Ethereum making their skills easily transferable. Alternatively, they may work on the growing number of private blockchains for companies or organizations. Blockchain developers must have a strong understanding of programming languages like C++, Python, and Solidity.
  
  

• Trader: Cryptocurrency traders buy and sell cryptocurrencies on exchanges in order to make a profit. In line with other market traders, they must have a deep understanding of the cryptocurrency market and be able to analyze trends and make informed decisions about when to buy and sell. Cryptocurrency traders may work for themselves or for a company that specializes in trading and this type of role is attracting new entrants from other sectors including foreign exchange trading.
  
  

• Analyst: Cryptocurrency analysts research and analyze the cryptocurrency market in order to provide insights and recommendations to traders, investors, and other stakeholders. They may use tools like technical analysis, fundamental analysis, and sentiment analysis to make predictions about the market. Cryptocurrency analysts may work for investment firms, trading companies, or cryptocurrency news outlets.
  
  

• Lawyers:  Cryptocurrency lawyers specialize in the legal aspects of the cryptocurrency industry. When there is a trade, there is usually a contract and lawyers are involved to help companies navigate both existing and emergent regulatory issues. They can also assist with initial coin offerings (ICOs) or represent clients in cryptocurrency-related lawsuits. Cryptocurrency lawyers must have a strong understanding of the associated legal system along with the specific finance, regulatory or specifically required sector knowledge for the role. These skills are transferable to the crypto industry and can open up doors to lawyers with these skills who have an interest in cryptocurrency.
  
  

• Marketer: Cryptocurrency marketers are responsible for promoting cryptocurrencies and related products and services, creating the campaigns, managing social media, events and conferences. Marketers with knowledge of these activities from crypto or related digital sales roles can also transfer into this type of role in a cryptocurrency business.

As the crypto industry expands, there are many other roles available for interested candidates across a range of professions and backgrounds. Please visit our job search page to see the latest cryptocurrency job opportunities.