Cryptocurrency Boom and What It Could Mean for Tech Recruitment

by | Mar 31, 2021

Digital currencies or cryptocurrencies have definitely come a long way since Satoshi Nakamoto introduced Bitcoin sometime in 2009. In fact, the recent events on crypto technology plus the growing demand for digital payments have re-ignited the interest in the market. A few weeks ago, the value of Bitcoin – one of the most popular cryptocurrencies to date – rose by around $58,000 last Feb. 28. On top of that, well-known brands such as BNY, Mastercard, Mellon, Citi, Goldman Sachs, and Tesla warm up to the idea of using cryptocurrency (particularly Bitcoin) as a primary currency for trade. 

But what does this mean for the APAC economy and the tech recruitment business? Will it be a boon or a bane? What should tech recruiters expect out of this new trend? 

Bitcoin in APAC

Notably, the Asia Pacific market has been leading in terms of cryptocurrency regulations in preparation for the growing crypto trading market. For example, Singapore and Hong Kong have introduced a whole new set of licensing laws as a prerequisite requirement before allowing crypto trading. 

Other countries like Japan and China continue to be one of the most significant driving forces in APAC’s bitcoin exchange market. In China, large volumes of Bitcoin get traded every day, even with the numerous crypto operation crackdowns. In Japan, on one hand, the government recognizes Bitcoin as a legitimate currency for trade, so it’s easy to find shops and businesses that cater to BTC payments. South Korea is also trailblazing in BTC trade as the country hosts numerous crypto businesses. 

Statistics further reveal that other countries in Asia have started showing an increased interest in Bitcoin and other cryptocurrencies, including Vietnam and the Philippines.  

 

How cryptocurrency will shape the economy 

Previously, Tesla announced that they would soon accept BTC as a payment option for consumers hoping to buy their electric vehicles. Mastercard also reported that they plan to bring cryptocurrency into their network to enable their customers, merchants, and business to maximize digital payments.  

As we’ve mentioned earlier, other companies have also shown great interest in digital currencies, fueling the debate on whether bitcoin and other cryptocurrencies will eventually replace fiat currencies like USD and Euro. How is it going to shape the future economy? Will it cause the economy to thrive or dive into oblivion?  

In an ideal scenario where cryptocurrency prevails, fiat money gets gradually displaced. This results in a dramatic shift in society. For starters, some who invested in digital currencies early on would benefit from the new trend. However, others who largely depend on traditional currencies to finance their needs, such as pensioners, could greatly suffer if crypto becomes the main currency. 

In reality though, crypto might end up failing after all. Many argue that its volatility, as well as regulation and cybersecurity concerns, set it up for failure. So, while it is possible for its value to skyrocket or eventually stabilise, it could reach rock bottom.  

But, then again, a lot of things can happen in a few years. It would be quite interesting to see how things will unravel and how the world would have to adapt to the changes. 

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Cryptocurrency trends and effects on tech recruitment

Indeed, the cryptocurrency market has been rapidly growing in various parts of the globe. That’s why some crypto businesses, tech firms, industries, government institutions, and startups have also started to ramp up their recruitment process. If you’re a candidate looking to work in this exciting industry, then you can begin training for in-demand blockchain and crypto technology roles such as:

  • Senior Blockchain Developers
  • QA Engineers
  • iOS and Android Developers
  • C++ and Java developers
  • UX Designers
  • Sales and Marketing professionals
  • Cloud Computing Engineers
  • Blockchain Developers
  • Blockchain Project Managers
  • Blockchain Legal Consultants

It would be useful to get the necessary certification for the role you hope to land and keep yourself abreast in the latest trends in the market. 

If you’re an HR or Talent Acquisition specialist in a company looking for blockchain talents, it would be helpful if you start pooling candidates early on. Also, as the world slowly embraces blockchain technology even more because of the popularity of crypto, we can expect to see more improvements in the general recruitment process which include things such as:

  • Quicker background checks for candidates 
  • Better balance between accuracy and speed in screening talents
  • More convenient onboarding process 

An exciting future awaits tech talents

Needless to say, it’s exciting to see how far cryptocurrencies like Bitcoin can get in terms of succeeding as a currency used around the globe. More importantly, we look forward to seeing how it will affect the tech recruitment business.  

Again, if you’re a tech talent keen on working in blockchain or crypto, you should start preparing for new roles that could result from the growing demand for crypto. On one hand, if you need tech talents for a blockchain role, you can work alongside a specialist recruiter such as Datasearch Consulting to find the match for your team.

Make sure to hop in our newsletter and receive monthly updates on fintech, cybersecurity, and technology recruitment! Also, don’t hesitate to drop us a line in case you have queries or recruitment needs. 

George Mikhail is the Director – Technology & Data at Datasearch Consulting, a leading executive recruitment firm specialising in the Cyber & Cloud Technology sectors

You can download their FREE comprehensive guide on “The Complete Guide to Navigating your Job Search – 5 Proven Steps to Secure your Ideal Fintech or Data Role”. Alternatively, you can view the Datasearch Consulting website or contact them directly on info@datasearchconsulting.com for a more detailed discussion.

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