[Music] New data shows job growth is surging in The cryptocurrency field according to a New linkedin report crypto related job Postings in the u.s soared 395 percent between 2020 and 2021. That's not a wrong number 395 Job growth in the industry far outpaced The wider tech industry which saw a 98 Jump in postings during the same time Cryptocurrency is also influencing a new Chapter in internet history it's called Web3 a decentralized version of the Internet based on blockchain technology For more i want to bring in darren fonda He's a crypto and finance editor for Barons darin first of all this gets so Complex a lot of people don't even know What cryptocurrency is Crypto backed innovations while this is All fascinating to think about and talk About Tell us what is now web3 So web3 is really kind of a lot of Marketing at the moment um the idea is That it will be more of a distributed Internet Uh that will involve everything from Online gaming to virtual platforms for Social interaction uh for work For all kinds of electronic commerce The notion is the idea that uh it'll be Based on blockchain technology on Distributed ledgers and rather than
Having giant companies uh like amazon Control uh you know the data or data Storage it'll be distributed very widely So again right now it's it's more of Kind of a pipe dream for silicon valley But you're seeing a lot of companies Investing heavily in it expecting it to Kind of be a next generation internet Could you almost look at it like the Cell phone industry when you talk about 4g versus 5g and that kind of thing Yeah i think 5g is more incremental over 4g it's basically just faster speeds for Downloading video i think web 3 is Considered to be more of a next Generation that'll be more revolutionary In the sense that it's going to enable More applications You know more kinds of decentralized Finance Again more uses for gaming for commerce For trading There's a whole range of applications That are expected to be developed on This new kind of blockchain Decentralized version of the web It's so interesting to talk about i Think for the regular person it seems so Far out there but for investors as you Were saying they're certainly taking Notice of web 3 pouring tons of money Into crypto projects as a result now According to research company pitch book Venture capitalist inves invested rather
A record 30 billion dollars in crypto and Blockchain companies in 2021 which Projects are getting the most money at This point So a lot of it is going to developing Financial services for crypto trading uh For crypto custody for exchanges for Exchange-traded products basically Broadening um the crypto economy uh to Mainstream investors to institutional Investors to anybody who kind of wants To grab or try to gain exposure to a Little bit of what is expected to be You know a very large piece of the Digital economy going forward um you Know there's also a lot of mining Infrastructure that's attracting venture Capital There are uh Finance platforms um for trading for Borrowing and lending crypto And an a burgeoning new field is nfts or Non-fungible tokens uh which are Basically digital collectibles That can be used for for art for video For music For Uh paying um Song owners or art or artists Little fractions uh based on uh usage of Their of their works um the nft market Exploded uh in 2021 um it's expected to Continue growing you're seeing companies
Like coinbase That plan to develop nft platforms um Nfts in general are attracting a lot of Venture capital as well Yeah it seems like every time you read An article about cryptocurrency now Everyone is talking about nfts investor Funds it looks like too aiding the job Boom in the crypto industry what types Of positions are companies hiring for Because it seems like everybody's Looking for a new job Uh yes and they pay extremely well i Think the average um blockchain Developer um is posting at about 150 000 Now which is well above the medium Salary in the united states You know a lot of it is software Engineering software development Building hardware Software services accounting a lot of it Is technically oriented But if you have a background in software Development or computer engineering Computer science um you're probably uh In hot demand right now for a lot of These blockchain companies uh crypto Mining firms anybody who's trying to Kind of grab a piece of this digital Economy So a lot like me need not apply you Actually need to know what you're doing Here [Laughter]
I suppose i i probably fall into that Luddite category as well i'm not a Programmer I'm not a tech guy um but uh i i know That they are uh in high demand Well there is a growing call for more Women to enter the largely dominated Male dominated world of crypto a December report found less than five Percent it looks like of crypto Entrepreneurs are female What can be done do you think to Encourage more women to enter the Industry You know i think it's the same thing That can be done to encourage more women To enter any other technical field which Is encouraging stem encouraging science On technology education math education At a young age Encouraging women to take Hard science Courses In universities and in high schools and I think the industry probably needs to Do a bit of work as well um to encourage More women uh to apply for physicians And to uh you know make the tech Industry which has generally um been Historically male dominated uh to be a Bit more friendly um to women so i think There's a lot that can be done there are Some uh women in in pretty uh high Positions uh in in crypto companies uh
But there definitely needs to be more Yeah i almost feel like i i have some Friends who are looking to get involved It's it's almost like word of mouth you Have to start getting more women Together to talk about these things too Um you know i wonder along the lines of So many industries you see growth so Fast in one place is there a danger of a Crypto bubble Well i mean a lot of people a lot of Economists uh would say that we are in a Bubble right now you know we've had um An enormous amount of liquidity pumped Into financial markets um over the last Few years especially since the pandemic The money supply has just expanded Colossally with trillions of dollars Floating around that money has to go Somewhere um it has been going into tech Um and it's an extension of tech it's Been going into crypto and blockchain Companies And it uh some would argue that it's Really inflated valuations uh and Inflated the values of a lot of coins so There are coins um and tokens that you Can say have very legitimate use cases Um and then there's a lot of fly by Night ones that do not That people are just pumping out there Hoping to make a quick buck on and then They're withdrawing their support for The coins and the tokens so
I'm sure there is a lot of speculation Going on people are making money people Are also losing money This is what you get when you have a Financial market that's been inflated You know by a lot of central bank Policies and we may be nearing the end Of that right now You know with the fed and other central Banks planning to scale back on asset Purchases planning to raise interest Rates a little bit In the next coming year we've seen the Um the tech stocks uh market uh take a Few hits lately uh cryptos are not far Off from that they're fairly well Correlated to tech stocks right now and We may see some some more pressure in That market as well as some of the Liquidity comes out of the market It's so interesting to try to keep track Of you see that a company like tesla is Now taking cryptocurrency as currency But then you have some celebrities being Sued because of scams with Cryptocurrencies so we're still Trying to sort all this out it seems Like darren fonda thank you so much for Joining us we appreciate it Thank you very much
