Barclays investigates if Bitcoin prices lead to increased hiring for crypto jobs

Investing.com -- Bitcoin’s surge past $100,000 has fueled speculation about renewed interest in cryptocurrency, but Barclays (LON:BARC) analysts suggest the hiring landscape in the crypto sector remains subdued.

In their latest report, Barclays examined whether the recent price spike, attributed in part to anticipation of a crypto-friendly Trump administration, has driven an increase in crypto-related job postings. 

Using Lightcast data, the analysts tracked job listings featuring keywords such as “cryptocurrency,” “bitcoin,” “ethereum,” “metaverse,” “web3,” and “blockchain.”

The findings reveal that crypto-related job postings peaked in late 2021 and early 2022, with web3-specific roles reaching their highest levels later in 2022. 

Since then, the bank said hiring activity has steadily declined. 

“Although the price of bitcoin has responded to the potentially crypto-friendly Trump administration, hiring has not,” the analysts wrote.

Among the tracked keywords, blockchain-related job postings remain the most prevalent, even into 2024. 

However, when indexed against January 2022 levels, Barclays stated that the data shows all categories of crypto-related roles are still down significantly.

The report highlights a disconnect between Bitcoin’s market performance and broader hiring trends in the crypto space. 

They explained that while the potential for regulatory shifts under the Trump administration may be generating optimism, it has not yet translated into a notable uptick in workforce demand within the sector.

Barclays’ findings suggest that despite Bitcoin’s recent rally, the crypto industry’s hiring rebound may lag behind other indicators of market enthusiasm.