Blockchain Jobs In Asia On The Rise Despite The Crypto Bear Market
Bitcoin and crypto-related jobs in Asia keep growing despite a decline in cryptocurrency prices recruitment firm Robert Walters reports.
Recruitment firm Robert Walters has revealed that over the past one year, the number of roles related to blockchain or cryptocurrencies in Asia has gone up by 50 percent. This rise comes despite cryptocurrencies affected by the bear market since the start of the year.
The firm added that developers with Python language skills are amongst the most highly sought after at the moment.
Blockchain and crypto skills are rare
According to the report, despite the rise in the number of crypto and blockchain-related jobs, there is a scarcity of people who have the required skills to fill the void.
A cursory search for blockchain jobs on LinkedIn will reveal that top tech companies in the world such as IBM are looking for experts in the field.
Data pulled from job search engine Indeed’s main Asian markets made up of Australia, India, Singapore, and Malaysia, shows that there is also a rise in people interested in Blockchain roles.
Most of the people been hired are coming from other industries. According to Julian Hosp, co-founder of Singapore-based crypto wallet and card start-up TenX, most of the people currently in the crypto sector are very inexperienced.
John Mullally, director of financial services at Robert Walters in Hong Kong added that even though many people enthusiastic about joining the industry, not many people have the actual skill sets required for developer roles.
Interest in cryptocurrencies drop
The bear market and high volatility of cryptocurrencies have led to a declining interest in them.
Hosp noted that the rise in cryptocurrency prices leads to more people entering the market. However, when the prices dip like the way they have done this year, then people will get scared and will lead to a decrease in interest.
Data pulled from Indeed revealed that job Asian job seeker interest in bitcoin-related positions surged last year as the crypto prices recorded significant increase. It has however dropped since then following the drop in prices.
Blockchain hasn’t been affected, however, with the interest on a continuous rise. A spokeswoman for Indeed stated that:
The situation in Asia seems to mirror the U.S. in that bitcoin [job search] trends are much more volatile (and related to price volatility) and resulting media coverage while blockchain and cryptocurrency searches have seen a more consistent upwards trajectory.
Declining prices haven’t affected interest from financial professionals
Despite the declining interest in bitcoin-related jobs, interest in cryptocurrencies have not reduced significantly.
Justin Chow, Asia head of business development at Cumberland believes that over the past few months, more traditional finance professionals have shown interest in entering the cryptocurrency market.
He explained that present pick-up in interest and the peak in bitcoin prices in December doesn’t tally because finance professionals were not ready to drop their careers and focus on cryptocurrencies after only one year of growth.
Chow added that drop in the price of an asset has not stopped financial professionals from entering a market.
Financial firms still interested in cryptos in China
Despite the ban on cryptocurrency trading in China, financial firms are interested in the cryptocurrency space.
Wayne Zhu, a founding partner of NEO Global Capital, the venture capital fund arm of the NEO Foundation stated that earlier this year, the industry has seen an influx of talent from traditional venture capital funds.