Despite the Implosions, the Number of Crypto Employees Has Increased by Over 100% in 2019

Despite the Implosions, the Number of Crypto Employees Has Increased by Over 100% in 2019

The number of people employed in the cryptocurrency ⁤industry has⁢ increased over the past four years, despite several high-profile ​crypto implosions.

K33, a ‍crypto research ⁤startup, has found ‌that the​ number⁣ of crypto employees ‌has ​increased by ⁤almost ​160% in ​the last ⁣year.

K33 estimated​ in a report titled “The⁣ Emerging Crypto Industry” that the number of crypto workers will be⁣ close to 190,000 by 2023. The report ‌also ⁣states‍ that 73,000 people ‍worked in ⁢the⁤ crypto industry in 2019.

Data shows ‍that the crypto⁤ industry⁤ peaked in 2021 with‌ more than 211,000 professionals in terms of total workforce. Accompanying this growth in​ November 2021⁣ was Bitcoin (BTC), ⁤which hit the all-time high in ⁤the crypto‌ industry at‍ $68,000.

Source: K33. Years of employment⁤ in‌ the cryptocurrency space. Source: K33

The ​number of crypto workers has declined by 11% but is still​ higher than ​it was in ⁢2004. This surge ‍in crypto workers ‌appears to ‍be a reflection of Bitcoin’s price, which has increased by‌ more than​ 300 since‍ then⁤ % Its average‍ annual price in​ 2019 was around $7,200.‍ According to CoinGecko, this price increase is reflected in the increase in the price of bitcoin.

The ⁤results of K33 are reflected in the data of​ large industrial companies, but⁤ others appear to be lagging ⁤behind. ⁢Kraken‍ is one ⁣of the largest cryptocurrency​ exchanges that ⁣has expanded ⁣its‍ global ⁤staff. ​Pranesh ⁢Anthapur, the company’s chief ⁣people officer, revealed to AskFX that ⁢Kraken’s headcount ⁢grew‍ by more than ​150% in 2019.⁣ Funding hasn’t​ been easy. He said ​that Kraken’s staff​ retention‌ strategy remains ‌”consistent”​ between bear and⁤ bull cycles.

Trezor Hardware CEO Matej Zak​ told AskFX that the company increased ‍its headcount by 120% in 2019.

) Zak explained, “Our main focus is⁤ on building and retaining talent over the long term.” He said Trezor ⁢is working to enhance and retain talent, even in bear markets. ​This is in‍ contrast to hiring and firing on a cyclical ⁢basis on⁢ short-term market‌ frenzy.

We plan for bear markets ⁤because we have been ⁤in this industry⁢ for ten years.⁤ We have ​not cut staff ⁢during ​the recent bear markets, instead continuing⁣ to hire.

Over the past year, there have been several rounds​ of​ layoffs in the cryptocurrency‍ industry, including at firms such‌ as Coinbase,​ Binance, ⁢and Crypto.com.

According to ​online ‍reports, Binance has ⁢laid off over 1,000 employees in recent weeks​ as⁣ part​ of its recent downsizing. The company announced a 20%​ job cut in⁣ May.

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