Why Working with or in Cryptocurrencies Grew in Importance Throughout 2020

by Revelio LabsDecember 21, 2020

The price of bitcoin rose by more than 400% this year, and cryptocurrencies, in general, rose 6 percent against the dollar amid COVID-19 – thanks to growing interests from mega investment firms. As a workforce intelligence software, Revelio Labs is always interested in fascinating developments such as these and how it may affect the workforce.

The extreme price increase of Bitcoin has caused financial experts to wonder about the future and reevaluate cryptocurrencies. In November, Bitcoin crossed its previous record to reach an all-time high of over $20,000. However, the currency has a history of sharp highs that later lead to sharp declines, so many are wary of going in too deep.

Nevertheless, cryptocurrencies continue to soar in value. Litecoin and Ethereum are notable cryptocurrencies that have also risen in price. Many investors perceive crypto as a safe long-term investment and inflationary hedge similar to how gold is for some generations.

PayPal and Venmo to Accept Bitcoins

The stratospheric surge of Bitcoin also has to do with PayPal’s announcement. The company is now allowing bitcoin transactions on its platform in the US. The service will extend to Venmo (its money-sending subsidiary) and other markets worldwide in 2021.

The news was a good one for cryptocurrencies because millions of websites, such as eBay, already use PayPal for transactions. Some economists predict cryptocurrency prices (especially Bitcoin) may soar to even greater heights by the end of 2021. Others predict the value will drop in a few months, citing what happened with Bitcoin three years ago – where it collapsed from $19,783 to around $7000 in a few weeks.

However, the ultimate crypto endorsement is yet to come. When people can buy groceries and pay taxes with cryptocurrencies, the monetary revolution would be complete.

Will Cryptocurrencies Become Mainstream

2021 might be the year cryptocurrencies go mainstream primarily because of a couple of factors.

First, the US dollar is weakening as governments pay businesses and individuals to help weather the pandemic. Therefore, more people may bet on other currencies, including cryptocurrencies.

Second, large financial institutions are now more open to cryptocurrencies. JPMorgan has gone all in, announcing earlier this year that it’s processing Bitcoin transactions on its platform. The bank has also created the JPM Coin (a cryptocurrency) and is currently testing it in select institutions.

Cryptocurrencies were built to be decentralized, independent from governing bodies, and many passionate contributors continue to spread crypto use. It's plausible that those efforts, along with banking and other financial organizations welcoming crypto, is the push it needs to go mainstream.

Working in Cryptocurrency

The cryptocurrency job market is probably on the rise again amid recent developments. One way to find out if that's the case is to use workforce intelligence software to uncover insights. For example, one could look at how many listings on job sites mention 'Cryptocurrency,' 'blockchain,' or 'Bitcoin.'

Furthermore, most people seeking employment in crypto will require tech skills. Organizations typically want candidates to have hard skills, such as Python, machine learning, and Java, to name a few. But there are also opportunities for people with soft skills, such as creativity, problem-solving, and communication.

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