JPMorgan Chase the biggest bank in the US he is proceeding on the blockchain path providing more jobs than any other business in new trending industry according to a report published by Forbes analyzing Indeed.com job results with keywords “blockchain”, ”bitcoin” or ”cryptocurrency” JPMorgan results in the top ten, as the only financial institution among the 10 other job posters.
In February 2019, JPMorgan Chase announced JPM Coin. The plan is to use the JPM coin and the blockchain technology to arrange payments between its customers. Their blockchain in called Quorum and is intended to give companies a chance to benefit from the advantages of utilizing a shared ledger, business model more similar to Ripple than any other cryptocurrency.
Other companies that posted more jobs (related to cryptocurrencies) than JPMorgan were IBM, Cisco, KPMG, EY, and Deloitte. The last one is the company that posted more than any other.
Indeed.com economist Andrew Flowers said:
“It’s notable that there’s a lack of financial and banking companies hiring for something that’s made to replace money,”
He has been following the job trends for over a year. And added that interestingly, there are more job posts than job searches.
Flowers also points out that there is a correlation on the price decline with the job searchers decrease. Stating that from February 2018 to February 2019, the job searches per million decreased by 67%.
“Job-seeker interest has collapsed because it tracks the price of bitcoin. Job seeker interest is as volatile as the price of bitcoin.”
While the analysis doesn’t conjecture the reason why the job postings have increased despite the bitcoin price decline. The answer might be that in the bear market the development has been growing more as many companies are exploring the new blockchain technology.
On the other side to fill this gap, the blockchain learning sector has exploded with courses training people in the new technology.
Also, since the demand is bigger than the offer the salary for workers in this field is bigger than normal developers.
It is worth to remember that JPMorgan and their CEO Jamie Dimon, consistently were unfriendly to bitcoin and other cryptocurrencies in general. However, on their job postings they are looking for people with experience in Bitcoin and cryptocurrencies. It looks like a hypocrite behavior criticizing bitcoin and trying to copy it. But maybe it is normal because of the threat bitcoin poises to the financial institutions that might become obsolete in case of mass adoption of bitcoin and cryptocurrencies in general.