3 months ago

    Germany lost 92% of the web3 jobs this year, LinkedIn data reveals

    Table of contents

      As 2023 comes to a close, the landscape of web3 jobs has undergone significant shifts. Bitcoin-mentioning jobs are down 95%, crypto jobs are cut by 90%, and blockchain jobs are cut by half. At a country level, Germany has seen the biggest fall from 1st to 9th place globally while losing 92% of the web3 jobs this year.

      Key Findings:

      • United States: Although topping the chart, Web3 jobs in the U.S. declined 84% from 21,901 in 2022 to 3,418 in 2023.

      • Europe’s Mixed Bag: Germany lost 92% of its web3 jobs (over 21k). Countries like Portugal, Sweden, and Romania saw a smaller decline in blockchain-related jobs, between 30% and 50%, which pushed them higher in the chart.

      • Asia’s Diverse Scenario: Japan has the most significant increase in blockchain jobs globally, a rare positive change in a generally downward global trend. In contrast, China and India saw substantial reductions of 61% and 87%, respectively.

      • Latin America and Africa: These regions also faced sharp declines, with countries like Brazil and Nigeria experiencing over 70% decreases in blockchain-related advertised jobs.

      United States: regulatory challenges and the decline of bitcoin jobs

      Despite its pioneering role in the blockchain industry, the U.S. has seen a drastic downturn in crypto and blockchain jobs. The ‘death’ of bitcoin in the American job market might be more of a transformation than an actual demise. Bitcoin’s role is evolving from a speculative asset to a more mature, regulated component of the financial system, reflecting a shift in the industry’s focus due to the upcoming ETF.

      Portugal, the thriving crypto heaven

      Portugal rise to the second spot at the end of 2023, due to its over 2,000 blockchain jobs. Favorable tax policies for crypto transactions and a welcoming regulatory environment have made Portugal an attractive destination for blockchain companies and professionals. The country’s strategic focus on creating a conducive ecosystem for blockchain and digital innovation, combined with its relatively stable economy amidst global inflation trends and let’s not forget the great weather has triggered a massive crypto immigration. Portugal is by far the winner of US trying to regulate crypto by enforcement in 2023. But 2024 might bring some new changes, as Portugal will end its favourable tax exemptions for foreigners living halftime in the country.

      Germany’s sharp decline amid economic pressures

      Germany’s fall from the first to the ninth position is also striking. This decline can be linked to the country’s economic pressures, exacerbated by rising inflation rates and uncertainties in the broader European economy due to war in Ukraine, which may have led to reduced investments and scaling back of operations in the blockchain sector. Its economy will see a 0.6% growth this year, which is way below the expected to inflation of 6.2%.

      Japan

      In Asia, Japan’s increase in blockchain jobs contrasts sharply with the declines in China and India and frankly the rest of the world too. Somehow Japan always does Japan things, isn’t it? At the end of 2023 it has advertised over 1,825 openings driven by firms like Campfire, Gumi, and IBM each offering over 50 positions.

      The death of bitcoin jobs

      The steepest decline is though in bitcoin-related jobs, plummeting over 95%, while crypto-related positions are down 90%, and blockchain jobs have seen a comparatively moderate 50% drop. The U.S. was the biggest driver or crypto jobs. But now the U.S. crypto job market has contracted significantly, with crypto-related roles dwindling from 4,300 to just 440. This trend indicates a shift from bitcoin to blockchain as the favored term in corporate circles.

      Currently, bitcoin is in a phase where institutional interest is driving up its price, but retail awareness lags, leading to predominantly negative media coverage without the hype of the previous boom market years. Bitcoin is equally frowned upon by corporations, governments and global media. But we might be on a verge of seeing the most surprising PR, media marketing and social media algo twist in 2024, with bitcoin’s iminent ETF approval. So maybe, hopefully, bitcoin will be back in the jobs description in 2024 on some Wall Street bank ads. Ho Ho Ho!

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