Crypto Jobs Experienced a Drastic 80% Decrease in 2023, Approaching Critical Levels

LinkedIn data reveals an 84% decline in crypto jobs in the U.S. and a staggering 92% drop in Germany.

This year witnessed a significant downturn in crypto-related employment, driven by market volatility and regulatory uncertainties. Businesses slashed blockchain units, and some closed altogether.

In the realm of web3 roles, Bitcoin-related employment experienced a decline exceeding 95%, while broader positions in the crypto space saw a decrease of 90%, according to LinkedIn data compiled by Coincub, an analytics firm.

“The numbers are sharply declining in a straight line,” remarked Sergiu Hamza, Coincub’s CEO, in an interview, noting that these figures align with a broad trend of crypto-native companies downsizing their workforce in recent months.

The U.S. Witnesses an 84% Decline.

Although the United States remains a major force in the realm of web3 jobs, the number of listed positions plummeted by 84%, falling from 21,901 in 2022 to 3,418.

Hamza attributes this substantial decline to a widespread regulatory crackdown, leading to the “death” of web3 jobs in the U.S. Companies are now compelled to seek additional operational capital and commence payments for banking services or explore opportunities in more favorable environments, such as the European Union, which recently enacted its groundbreaking MiCA framework.

Following the U.S., Portugal, Sweden, and Romania secure positions in the top 10 ranking of countries for crypto jobs.

Germany Records Highest Job Losses

Germany, once the leader, now ranks 9^th globally, experiencing a substantial 92% decline in its Web3-related positions. The nation seems particularly impacted by the ongoing conflict in Ukraine, sanctions resulting in a scarcity of essential Russian resources, and escalating inflation rates.

The report indicates a projected economic growth of 0.6%, with inflation anticipated to reach 6.2%.

Job Opportunities Rise in Portugal and Japan

On the flip side, Europe emerges as the global leader, with Portugal making a notable leap of 14 positions year-on-year, securing the second spot for crypto roles. This rise is attributed to its favorable tax policies and regulations, although there’s an anticipation of changes in tax rules by 2024.

Meanwhile, Japan marks the most significant surge in blockchain jobs worldwide, witnessing an addition of 1,825 roles. In contrast, other parts of Asia see a decline in crypto jobs, with a 61% drop in China and an 87% decline in India.

Latin America and Africa face significant declines, with Brazil and Nigeria experiencing drops of over 70% in blockchain-related employment, according to Coincub’s report.