The cryptocurrency sector has opened a lucrative job market for a wide range of people, but primarily tech experts. Many young engineers and developers are choosing crypto and blockchain firms over traditional tech firms due to better pay and more scope of innovation. While that seems to be a positive economic activity in isolation, it is causing problems for tech hubs, notably Silicon Valley. Many people who would have joined Silicon Valley as young engineers and developers are instead joining blockchain and crypto firms. Even Twitter CEO Jack Dorsey stepped down to focus more on Square, his cryptocurrency, and payments platforms. Experts are now predicting a talent shortage in Silicon Valley, and companies are trying hard to prevent it.
Many CFOs and CTOs are quitting their high-paying executive jobs to join crypto and blockchain startups. Experts analyze that it is not an exclusive issue of higher pays or more perks. Instead, it is seen as a once-in-a-lifetime opportunity for talented people to make a difference in the world. Many people are quitting their jobs to start a crypto startup or join unknown projects and initiatives.
CEOs in Silicon Valley are now worried about the upcoming talent shortage they will face. To retain employees, they are reportedly offering more perks and even increased salaries. However, that method might not be successful in the long run, considering the better working conditions of blockchain startups. Silicon Valley still has no clear plan of action to prevent employees from quitting.