Crypto Hasn’t Died – Just Look at the Services Around the Crypto Market
How many times does crypto need to be pronounced dead until we realize it is here to stay? From Bitcoin being compared to Dutch tulips, ICOs being compared to scams (although unfortunately some were), and the slowdown of the ICO market in 2018, almost not a day goes by in which a news or financial publication forecasts the end of cryptocurrency. While detractors like Paul Krugman remain skeptical and the price of Bitcoin plummets to the mid to lower 5k range, a more accurate appreciation of the crypto market can be in the growth of services around it.
According to a recent Glassdoor report, blockchain related jobs showed a 300% year to year increase as of August 2018 in the U.S. Notable mainstream companies like IBM, Oracle, Accenture, J.P. Morgan and KPMG topped the hiring list, showing an interest from non-crypto firms in participating in the crypto market. Citing data from Indeed.com, CoinDesk reported a 25% increase on cryptocurrency related job postings from October 2017 to October 2018, a smaller but still significant increase.
A Deeper Look into Crypto Advertising
While more detailed information on crypto related jobs can be hard come by, another way to gauge the health of the crypto market is found on the growth of crypto advertising. Advertising agencies serving finance and crypto businesses remain strong. Take for example Coinzilla, considered one of the top 6, which boasts a portfolio of over 4000 publishers and 1500 advertisers, with clients ranging from startups to established companies. The services offered reflect the breadth of services demanded by the market: from traditional online marketing (ads, banners, pop-unders) to quick press release systems to specialized services for monetization such as device targeting, geo-targeting of websites, budget capping, SEPA & SWIFT money transfer, and API for developing campaigns, managing, and data stats. Coinzilla alone distributes 350 million ads per month.
But What About Regulation and Ad Bans?
Because nay-sayers will be nay-sayers, its worth to get ahead of it. Yes, it is true that government regulation has slowed down the rate of appearance of ICOs and private companies have banned crypto advertisements which could slow down the growth of crypto. Still, every time there is a new industry there is an adjustment period. Numerous rules and regulations still get created for the internet, yet they have not impeded its spread across the globe. And as far as the ad bans, this week Google announced it is cutting back its ad ban with other companies expected to do the same.
Crypto related jobs and advertising reflect the strength of the crypto market and it will keep growing strong, with its trials and tribulations, despite critics calling wolf on its death every time there is a bump on the road.