One Million Remote Crypto Jobs in The US Are on the Line, Says New Report

As web3, the blockchain, and crypto in general becomes more widely accepted by the general public, so with it comes millions of tech jobs. Developers and builders in the crypto space have become the foundation of web3, and because a plurality of these hardworking members live in the US, many crypto-based companies have found home there, such as Coinbase and Gemini.

The US is the first and biggest launchpad for web3 development and opportunities surrounding the emerging technology. There are signs that things are changing for the worse, however.

The Report

A new report has come out from Electric Capital detailing a steady overtaking of remote crypto jobs by other countries. This rather rapid transition of labor is causing jobs to decline within the US as hardworking builders and developers are having their opportunities phased out. The problem at hand isn’t caused by globalization, something the US is very familiar with, but instead by the regulatory uncertainty that clouds the web3 industry. Development jobs are being taken up by countries that are already opening up to emerging crypto innovation and have already placed clear regulations over the blockchain market. As Europe and Asia continue to rise with the growing technology, the US is slowly losing its market share. This has always been a trend, unfortunately. For the past six years, the US’ share of global web3 development has gone from 40% to 29%, and it’s only going to continue. It’s believed that this number will drop by 2% each year, and that within the next 7 years, the US will lose out on a staggering 1 million jobs.

Why This Matters

The US has always been a country that has taken a “let’s wait and see” approach when it comes to emerging technologies, but has almost always come out leading the pack. With web3, however, things have started to stagger, and part of it is because web3 moves far beyond the private sector. It’s a technology that has near limitless potential, and should the US be slow to utilize it, the missed economic opportunities will be astronomical. As more and more jobs are developed in places with a better understanding of the market, the US will miss out on being a part of the continuing economic growth of blockchain tech. Developers and builders are the very foundation of web3, and the more a country loses out on those jobs, the lesser share of the market they’re able to access.

The potential economic loss isn’t the only thing that can be lost by not taking advantage of the emerging tech. There’s also the aspect of power.

If the US continues to let such rapidly developing technology slip from its grasp, it will mean a major loss in global influence in the long run. It will be coming into a market that will already be developed, and thus will have no real say in shaping the future of innovation. It will also be a blow to the American economy as a whole as it struggles to grasp at any opportunities it can. Lastly, the US will be unable to instill the economic and workplace values that make the country so great. The country will be working under the regulations set by other nations that have grasped the technology first, and that may not always be a good thing.

It’s imperative that things get straightened out, and fast, as the technology is evolving day by day. There’s only so long the US can “wait and see” before the opportunity staring them in the face will dwindle away.

Thankfully, there is time; the US government just needs to show the initiative.

What Can Be Done

If the US wants to keep a foothold with the technology of the future, it’s essential that the US invests time and money into the subject. This includes programs that focus to educate developers on web3 technology and the blockchain, as well as bringing about a clearer understanding of regulations. Jobs that deal with this sort of development and complexities are still vital jobs all the same and should be given the same focus as all other tech occupations. To keep its place on top of blockchain technology, the US will need to incorporate this in governmental collaboration with academic institutions and the private sector.

Furthermore, there are things that need to be changed on a global level. Due to web3, crypto, and blockchain innovation being such a new and still-emerging reality, there has yet to be any serious global standards set in motion. To have a seat at the table is an opportunity that shouldn’t be ignored.

This isn’t us asking the United States to leap through hoops— much of web3 was founded by American companies to begin with. It’s the US’ inability to keep this foothold that’s the problem. The influence and economic potential is there; they just need to clear some things up, make things set in stone, and allow developers and builders to do what they do best in an environment that is both stable and well-regulated.

The blockchain, web3, and crypto in general are such new and revolutionary concepts that it’s understandable why some governments would hesitate to dive right in. They should know that the game is changing, however, and it’s not slowing down for anyone. As the US continues to fumble with regulations and other countries are taking the opportunities that clearly lie before them, the future of the US and its influence over coming innovation is uncertain.

Many think that the term “decentralized” in reference to crypto also means that there should be no governmental support or oversight, but that’s just nonsense. Now that it has proven itself over time to be legitimate, blockchain technology needs the backing of large bodies like the US government to continue to prosper and evolve. This isn’t for the US’ benefit, but also web3’s. Hopefully they don’t cave in to fear, uncertainty, and doubt.