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The transformative potential of Bitcoin in the job market

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1 month ago

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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

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

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.



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Ohio introduces second Bitcoin reserve bill

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1 week ago

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December 19, 2024

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The State of Ohio has introduced a second Bitcoin reserve bill as crypto legislation gains momentum across the U.S. ahead of Donald Trump’s inauguration.

Ohio House GOP Majority Whip Steve Demetriou proposed legislation to allow the state to manage a strategic Bitcoin (BTC) reserve, Satoshi Act Fund founder Dennis Porter shared on Dec. 19 during an X Spaces event.

Demetriou’s bill follows a similar proposal from Representative Derek Merrin, which would also position Ohio as a Bitcoin reserve holder. Speaking on X Spaces, Demetriou explained that his legislation would enable Ohio to allocate up to 10% of its state-controlled funds toward a BTC stockpile.

“Bitcoin can help tap into Ohio’s existing energy reserves,” Demetriou added. Ohio is famed for having massive natural gas reserves and a competitive energy grid.

The Ohio GOP Majority Whip provided no specific timeline for the bill’s passage but expressed hope that House bureaucracy would not delay progress.

American legislative conversations have increasingly focused on BTC-related proposals following President-elect Donald Trump’s victory in the recent election.

Earlier, Porter said that the Bitcoin renaissance was spotted amassing momentum in over 12 states and counting. Texas, Ohio, and Pennsylvania were a few states that weighed BTC reserve laws.

In Washington, Senator Cynthia Lummis has advocated for federal BTC reserve policies. Responding to Federal Reserve Chair Jerome Powell, Lummis argued that the Senate should authorize the central bank to hold Bitcoin. Powell previously clarified that the Fed cannot own BTC under current laws.





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Wyoming seeks developers for state-backed stablecoin

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3 weeks ago

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December 9, 2024

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The State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.

The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative, known as “Project WYST.”

Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy U.S. dollars in blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stabelcoins feature in most cryptocurrency transactions, according to the U.S. Treasury Department.

Applicants have until Dec. 12 to submit their proposals for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.

WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.

The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent and be redeemable for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for U.S. dollars.

WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.

WyoStable Commission website

Wyoming has positioned itself as a web3 leader with U.S. borders. In March, the state officially recognized decentralized autonomous organizations as legal entities.

The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, predominantly from the Securities and Exchange Commission. Kraken also launched its licensed custody solution in the state in March.

Back in February 2023, local lawmakers passed a bill to protect crypto self-custody, protecting the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to establish a national Bitcoin reserve. Thousands penned letters supporting her BITCOIN BILL, per crypto.news reporting.

Other states were following suit and mulled Bitcoin reserve legislation as the U.S. voted its first pro-BTC president in Republican Donald Trump.





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Bitcoin advocate hints at ‘strategic reserve’ laws in 10 US states

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3 weeks ago

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December 3, 2024

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Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.

In an attempt to front-run President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.

I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United STATES of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.

Dennis Porter, Satoshi Act Fund founder and CEO

The public BTC supported also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.

Lummis’s proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.

Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.

On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies as crypto.news reported.





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