Study Shows Volatility Influences the Availability of Jobs in the Crypto Sphere

Jordana Sacks
  • Research conducted by web platform Textio has revealed that the availability of jobs in the crypto sector rises and falls in line with the price of bitcoin.
  • The greatest spike in employment occurred in mid-December 2017, after the price of bitcoin had peaked at just under $20,000 one month previously.

Website Textio is an augmented writing platform that helps its users work out who will respond to their output based on the words they use, so it’s fair to say it’s something of an authority when it comes to the study of hiring language.

That’s why it’s recent exploration of the bitcoin craze on the employment market has proven so interesting for those in the know.

The website conducted a study to see whether any correlation existed between certain language patterns in job posts and external economic factors – in this instance, the value of bitcoin – and the statistics they came back with were astounding.

Not only was there a marked correlation between the price of bitcoin and the number of times it was mentioned in job posts, but this pattern could be seen month after month after month, implying that the economic impact of virtual currencies is far more than a flash in the pan.

The most stand-out example of this was seen in December 2017, when the number of bitcoin mentions peaked at just over 350. If we look back at the chart Textio produced to see where this phenomenon came from, we see a similar peak in the price of bitcoin one month previously, implying that the former occurrence was the market’s almost immediate response to the latter.

Such findings are highly significant in terms of what they tell us about the way the job market responds and adapts to external stressors – and the fortunes of bitcoin in particular – as well as how fast and fickle it is with reference to such emergent technologies.

Perhaps the most interesting revelation of all, however, is this: that bitcoin really is big business, not just online and in the abstract, but in real world economies too. Virtual currencies are finally taking their place in the financial sphere, and the impact they could have is immeasurable.

Featured Image Credit: Max Pixel