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Blockchain Industry Waxes Stronger Despite Global Recession

Blockchain Industry Waxes Stronger Despite Global Recession

Due to the ongoing global CoronaVirus pandemic, many economies are experiencing a recession, but the Blockchain industry is thriving despite it. Although the cryptocurrency market has seen quite some plunges in prices over the past few weeks, the Blockchain industry seems to be taking none of the lag. Recruitments for blockchain tech jobs are on the increase, according to stats from Indeed.com, a job recruitment platform.

Global lockdown Not Impacting Blockchain’s forward march

According to Indeed.com, job listings last December displayed about 114.5 per million blockchain-focused jobs, just before the first new case of coronavirus was identified. By February 2020, the figure had risen to 118.4 per million by 3 percent.

Kraken, one of the largest cryptocurrency exchanges in the United States, went on a hiring spree last week as Bitcoin prices experienced a massive dip, announcing they were strengthening their workforce by almost 10%. The onboarding is an attempt to meet the increased demand for new accounts from those looking to capitalize on the market’s 30 percent price drop in a single day.

Kraken’s workforce had already been majorly remote, so its operations are well-suited for the new job climate that the COVID-19 virus is forcing on many workplaces. The exchange is growing its 800-strong team with an additional 67 recruits, mostly with skill sets that are better suited with hospitality professionals and liberal arts majors.

This is while other industries are reporting significant lay-offs, and the US Congress is injecting almost $2 trillion into the economy to reduce the effects of the recession.
The Blockchain industry’s growth had already been predicted by LinkedIn Learning in a January blog post. In the released study, Blockchain was forecasted to be a highly sought after skill in 2020, surpassing major hard skills like AI and Cloud Computing.

Blockchain Growth May Mean Bullish Days Ahead For Crypto

Industry experts are making bullish predictions for crypto prices after the Corona Virus menace has been managed. Tyler Winklevoss, the Bitcoin billionaire, and entrepreneur, stated in a tweet yesterday that Bitcoin is the “only vaccine in the world that can give you immunity to the money printing disease.” Winklevoss is known for his dogged optimism towards Bitcoin, and that’s not surprising considering that he owes the bulk of his wealth to the digital asset.

In an interview with Chinese blockchain media on March 25, Jihan Wu, founder of Bitcoin mining giant Bitman, also expressed his continued hope for a crypto market bull run in the coming year.

“There are two reasons: first, from China and its neighboring countries experiences, coronavirus can be obtained and taken under control in about 2 months. Secondly, countries around the world are adopting great quantitative easing monetary policies,” he explained

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      Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.