Should I Still Get a Job in Crypto? (Job Seeker Series)

Should I Still Get a Job in Crypto? (Job Seeker Series)

Posted on 29 August 2022

Hello you. Yes, you, sitting there, looking doubtfully at that little line graph on your phone, sighing as Bitcoin and Ethereum down from all-time highs, and wondering if you should call it quits. Maybe your faith in crypto/Web3/decentralised finance is shaken, maybe you lost money when Terra Luna collapsed, maybe your hope for an exciting career in a brave new frontier is drifting away, a smoke screen of a fool’s daydream. There were so many warnings about the volatility of the space, and you knew this was going to be a bumpy ride. Now that the reality has struck home, what now? Should you still hitch your trailer to the world of DeFi and Web 3.0?

Winter Has Come

There’s no denying that crypto is seeing another winter. Crypto winters are characterised by stagnant returns and lost interest in the space. The last crypto winter began in late 2017 and stretched into 2020, and most Web 3.0 analysts agree that the current state of affairs could last a year or two. Of course, nobody knows the future, but you can take comfort in the fact that the industry hasn’t been abandoned. Despite the plunging prices of Bitcoin, more and more leaders in the financial sector are leaving jobs in traditional finance for careers in Web 3.0. Not only that, but some earlier sceptics of decentralised finance are acknowledging its permanence. JP Morgan CEO Jamie Dimon, a known crypto-sceptic, admitted somewhat grudgingly that “Decentralized finance and blockchain are real”. While the future is uncertain, it is looking increasingly solid.

First, we HODL, then we BUIDL

Another fact you can take heart in is that crypto-enthusiasts are used to weathering storms in the market. This current storm has brought about a change in ideology. ‘HODL’, or ‘Hold on for Dear Life’, has now turned to ‘BUIDL’, which urges players in the crypto sphere to build blockchain-based projects that have everyday usability. Buying and holding crypto for the sole purpose of getting rich is not feasible in the long run. In fact, it’s probably detrimental to the future of blockchain. So if you’re into Web 3.0 for reasons other than a quick buck, you have the right idea.

It’s a Sunrise Industry

The internet, Ecommerce, and social media are all recent phenomena that have had a vast impact on the way our world operates. Blockchain is following the same path, and it remains to be seen how vast and varied its applications can be. What the industry needs now to move forward is experienced personnel. Previously you may have been able to break into the industry with passion alone, but as Web 3.0 struggles towards real-world adoption, it requires real-world expertise and support, particularly in areas like legal, accounting and regulation. If you feel you have the insight and experience to make a difference in the field, now is the perfect time to get into it.

Look to the banks

Although the average investor may be looking at more traditional — and less heart-attack inducing — investment options, top banks are still looking into the crypto and blockchain ecosystem. Names like the United Overseas Bank, Citigroup, and Goldman Sachs are continuing to invest hundreds of millions in custody solutions and technology providers, and blockchain infrastructure. Despite the recent sell-off, bank participation in the ecosystem has remained steady. A steady inflow of new investors is a step towards a more stable future for the industry, and as long as you are careful with which area of the industry you want to get into, your future prospects shouldn’t be too murky.

Stability is the next challenge

Like the winter of 2017, this one brings with it a better understanding of the challenges the industry is currently facing. A big one is government regulation, which is why there is currently a call for, and an influx of, regulators and litigators to help tackle this major hurdle. Another challenge is mainstream adoption. For Web 3.0 to really become integrated into our day-to-day, it has to find a way to reach the masses. At the moment, it has an air of elitism around it, and the technical jargon that comes with the territory is difficult for the layman to understand. Top that off with the rapidly developing technology and it becomes unfathomable to the average person. These problems don’t have straightforward solutions. It’s all a work in progress. But if you really believe that Web 3.0 is the future, you’re far from alone, and when like-minded people come together, great things can happen.

Follow us on Linkedin, Instagram, Facebook and Twitter!

Share this article

Job Alerts

Set up job alerts to be notified about new opportunities.