HODL has been the time-honored philosophy of Bitcoin (BTC) holders. Rather than spending their growing wealth, those who own the biggest cryptocurrency have chosen to ‘hold on for dear life’ with an evangelistic zeal. Nevertheless, while Bitcoin, the king of crypto, continues to capture the headlines, the cryptocurrency space is in a very different place now from where it was just a few years ago. 

Dogecoin (DOGE) may have been launched in 2013, but it is currently in the cycle of an explosion of interest in memecoins. While this market has unfortunately been prey to scams and pump-and-dump schemes, the growth and increasing significance of meme coins is an undeniable fact. 

Meanwhile, the architecture and payment rails of the space have also changed dramatically. In the past, Bitcoin holders who chose to sell their holdings and off-ramp rather than HODL often had to rely upon shady intermediaries, exorbitant fees, and snail-paced processing times. Now, holders of cryptocurrency have a variety of options for off-ramping, with payment specialists in the web3 space forming partnerships with giants from the TradFi space, such as Mastercard. Off-ramping from digital tokens into a fiat currency can now be done in a seamless and secure way with low fees and charges. 

Meme coin frenzy

In the current bull market cycle, which has seen Bitcoin pierce a new all-time high above $97,000, the market capitalization of meme coins has skyrocketed from $56 billion to $118 billion following Trump’s re-election and a subsequent crypto bull run. 

Originally created as a joke based on the ‘Doge’ meme featuring a Shiba Inu dog, DOGE is the biggest and most recognisable meme coin. Many meme coins are also named after endearing animals, one example being Moo Deng (MOODENG), the baby pygmy hippopotamus living in a Thai zoo. 

Elon Musk’s appointment to President-elect Donald Trump’s cabinet as head of the new Department of Government Efficiency, DOGE, has fueled DOGE’s ascent, with the digital token now having a market capitalization of $58 billion. We’re now witnessing tens of thousands of meme coins attempting to emulate DOGE’s success being created each day on Pump.Fun, a Solana-based tool that removes technical barriers to developing the tokens. 

Crypto traders are FOMing into newly launched meme coins, often for just a few dollars, in the hope that the token will capture a cult-like following and soar in value. Non-custodial wallet Phantom, which provides users with an array of opportunities to bet on meme coins, has been propelled to the second spot on the charts in the utility section of the Apple App Store in the US. Those who make winning bets on meme coins often swap the tokens into established cryptocurrencies such as Solana to lock in profits and as a bridge before converting their holdings into a fiat currency. 

End of creaky payment rails 

The cryptocurrency space has evolved to a point where it is almost unrecognizable from where it was a decade ago. Notably, Mastercard and Visa have now entered the web3 ecosystem. Mercuryo’s Mastercard crypto debit card, Spend, bridges the gap between non-custodial crypto wallets and traditional payment methods. Spend is a plug-and-play solution that can be quickly integrated into a non-custodial wallet and rolled out to users who can add it to their Apple Pay or Google Play wallet. Spend is available to use online and in-store across Mastercard’s 100 million-plus network of merchants, providing users with a seamless, low-cost means of off-ramping their crypto holdings. Holders of the Spend card benefit from a level of consumer protection on a par with a traditional debit or credit card. 

The cryptocurrency space is continually evolving. The growing significance of meme coins has partly been driven by Generation Z’s dominance of social media channels such as Instagram, TikTok, and X. These social channels provide a public forum for newly launched meme coins to go viral and obtain a cult-like following. 

At the same time, we are witnessing the emergence of new payment products that provide crypto traders with an accessible and low-cost means of spending their trading profits. While the philosophy of HODL still resonates strongly with Bitcoin evangelists, newcomers to the web3 space arguably have more of a ‘live-for-today’ philosophy. Driven by a belief that life is short and crypto profits should be spent, these consumers are taking advantage of payment products that facilitate the off-ramping of cryptocurrency at a low cost. While it is pure speculation to guess how long the current crypto bull market will go on, what’s certain is that the market is continuing to evolve at a breakneck pace. This is reflected in a somewhat comedic fashion with the meme coin mania that we’ve been witnessing but also in the increasing sophistication of payment products in the space. These off-ramping services have levels of compliance and protection that are on par with payment products from traditional finance and enable people to spend their newfound crypto wealth in the real world.

Greg Waisman

Greg Waisman is the co-founder and chief operating officer of the crypto wallet service Mercuryo. He has been creating products for over 10 years: he takes the idea and turns it into a working product with a real audience. Greg has extensive experience in managing cross-functional teams.

Swiss policymaker Samuel Kullmann secured a sweeping majority vote for a Bitcoin mining study aimed at optimizing local power infrastructure.

According to Bitcoin (BTC) advocate Dennis Porter, Kullmann’s proposal passed on Nov. 28 and could steer Switzerland toward BTC adoption.

The Bitcoin policy will now explore how the world’s largest decentralized proof-of-work blockchain can stabilize the Swiss energy grid and “use otherwise wasted energy.” Kullmann’s proposal passed following an 85:46 vote in Switzerland’s Parliament.

Bitcoin (BTC) has already changed the world, and as it gains traction, its potential to reshape the job market is becoming increasingly apparent. Even though recently we saw layoffs by big companies like Consensys and Kraken, it must be due to the industry’s maturing nature where companies are not yet certain about hiring principals.

The real story is that Bitcoin and its associated technologies will drive long-term job growth and create new roles. Unlike traditional assets, Bitcoin is decentralized. So, it fosters innovation and creates jobs in software development, cybersecurity, and financial services.

Even despite the not well-regulated environment, it already attracts different professionals. By this, Bitcoin boosts local economies and increases tax revenues, so not only people benefit but governments as well.

A new frontier for jobs—but not without growing pains

To start with, Bitcoin was the first-ever cryptocurrency. It came as a novelty that wasn’t accepted right away. However, later on, as people were getting more into it, more companies started launching their crypto tokens. To do this, they, of course, needed people who had already gained certain knowledge about Bitcoin.

It’s been 16 years since its invention, and crypto is no longer an unexplored phenomenon. Little by little, it becomes an integral part of our lives—the future is digital, as they say. From blockchain development and data security to market analysis and customer support, the skill sets needed in the crypto industry are expanding.

However, the industry is not fully mature, so there are no set hiring standards yet. At first, companies rushed to hire employees, anticipating the massive growth they predicted. But this has sometimes led to overhiring as companies face difficulty estimating the precise number of employees needed.

So, this boom in hiring has recently faced setbacks. Major players in the crypto industry, such as Consensys, Kraken, and dYdX, have all laid off significant portions of their workforces in recent weeks. They let go of 20%, 15%, and 35% of their employees, respectively. However, it only shows that the crypto industry as a whole is still defining its optimal workforce size.

A closer look at the layoffs reveals a more nuanced reality. Crypto companies are rather re-strategizing—they are shifting to smaller company types. Why? Because they think that companies with fewer but highly specialized employees who use web3 tools and AI function more efficiently.

In this sense, Bitcoin and its associated technologies are not just creating traditional roles but are increasing the demand for a workforce with cross-functional and adaptable skill sets. Companies need more and more roles that can be dynamic and evolve along with the industry.

Also, the volatility of the crypto market means that hiring trends tend to rise and fall depending on the Bitcoin prices and overall market sentiment: During bullish periods, companies have higher profits and often expand their workforce. In contrast, bear markets, regulatory challenges, and internal restructurings can lead to workforce reductions. This is what we see with the recent layoffs.

The bigger picture: long-term growth despite setbacks

The picture of crypto industry employment trends is much wider than it might be seen at first sight. Despite the recent flow of layoffs, crypto-related jobs still seem attractive to the masses—demand for crypto-related roles continues to rise.

The supply also remains in a positive trend. The biggest increase in positions is tracked in blockchain development and product management. There is also a need for individuals skilled in, for example, decentralized finance, digital asset custody, or blockchain law. And it is very interesting, as such a tendency represents the diversity and growth of the job market around Bitcoin.

To provide the future workforce, the introduction of educational programs and certifications in crypto and blockchain prepare new generations for work in this new economy. Education around crypto has become more common, so job seekers have become better equipped with the skills necessary for roles in this sector. This, in turn, reduces the need for companies to hire large teams.

Adapting to the sector

Since the market hasn’t reached its full maturity, there will be a need for adaptability. Many of the roles in the crypto industry didn’t exist a decade ago, and even more new roles will continue to emerge. Some professionals might find themselves in positions that didn’t exist when they entered the job market.

Continuous education and upskilling are essential as never before. The Bitcoin job market requires a mix of technical expertise and regulatory understanding. Companies are definitely going to experiment with different business models and will have to navigate regulatory challenges. To do all these, they will need employees who can adjust quickly to changes and operate efficiently.

Arthur Azizov

Arthur Azizov is the CEO of B2BINPAY, an all-in-one crypto ecosystem for businesses. A thought leader and visionary with a global view, he launched his first business, a payment terminal company, in 2007, boasting over 15 years of practical entrepreneurial experience since then. Before B2BINPAY, he founded and scaled an international broker company, B2Broker Group, with over 450 employees and a $70M valuation.