Survey: Market Downturn Hasn't Chilled Optimism About Crypto Jobs

A CoinDesk survey finds the majority of employees in the industry feel secure in their positions. This post is part of CoinDesk's Future of Work Week.

AccessTimeIconJun 28, 2022 at 1:18 p.m. UTC
Updated Jun 28, 2022 at 10:35 p.m. UTC
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Jeanhee Kim is senior editor for lists, rankings and special projects.

As the debate continues about whether we are in a new crypto winter, workers remain optimistic, as long as they don’t have to go to the office. That is one takeaway from the CoinDesk Crypto Work Survey.

This article is part of CoinDesk's Future of Work Week.

The Crypto Work Survey arrived during a particularly volatile moment. When it started on June 9, the first signs of weakness in the crypto job market were just becoming public with the announcement that Coinbase would freeze hiring and rescind new job offers. Later, the crypto exchange said it was laying off 1,100 workers, or 18% of its workforce.

Given the cascade of dreadful industry and market news during the following three weeks until the survey ended on Monday, the questions regarding job security, organizational growth and job features provided some interesting insights into workers' outlook. Overall, respondents reported their companies were holding steady or growing, and most felt secure in their jobs.

The 170 survey respondents represented a broad cross section of workers. The majority, or 60%, were between the ages of 22 and 40, with just three under 21 and only 11 who were 61 or older. About one-third worked in organizations with fewer than 50 employees, and another third for organizations between 50 to 999 employees. Three-quarters, or 76%, worked for private rather than public organizations.

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Pie chart of ages of respondents

Fifty-seven percent said their organizations were actively hiring, and 31% said that their organizations were holding steady. Only 6% reported that their organizations were actively reducing headcount. Overall, 26% strongly agreed, and 38% agreed with the statement: I am satisfied with my overall job security. In contrast, just 9% disagreed, and another 9% strongly disagreed with the statement.

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Pie chart of organizational growth

Against the backdrop of the price of bitcoin dropping from $30,249 on June 9 to $20,722 by Monday afternoon, the responses about how workers were paid may indicate that crypto workers can tolerate price volatility, even in their pay. Nearly a quarter of respondents, or 23%, had the choice of being paid at least partly in crypto, and 67% were paid in fiat only, such as U.S. dollars.

When asked whether they were satisfied with their pay options, the ones who have a choice were nearly unanimously satisfied. Only 10 respondents are paid in crypto only, and just two of those people were dissatisfied.

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Pie chart of pay options

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Pie chart of satisfaction of pay options

We attempted to discover what job features or values are most important, besides salary. The single least appreciated factor among the 10 choices we listed is the ability to be paid at least partly in crypto. More than 42% of respondents ranked it dead last of 10 job features. By far and away the most valuable feature of a job is the ability to work remotely, with 52% of respondents ranking it in their top three priorities for a job. And job security? Only 32% of respondents ranked it among their top three most important factors in a job.

Getting to the heart of the matter, 42% of survey respondents reported that love for the work or the organization’s mission is among their top priorities.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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Jeanhee Kim is senior editor for lists, rankings and special projects.

CoinDesk - Unknown

Jeanhee Kim is senior editor for lists, rankings and special projects.