Donald Trump's presidency: good for crypto, meh for crypto hiring
Crypto advocates, some of them at least, will be very happy with today's presidential election results. Donald Trump's impending second term is already having positive effects on the industry, but that won't make it any easier to get a job in crypto.
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Trump has announced multiple crypto initiatives since July's Bitcoin conference in Nashville, including plans to 'fire' SEC chair Gary Gensler, who has been big on crypto regulation, and refusing to sell any of the bitcoin that the US owns. This is a stark contrast to his 2021 opinion that bitcoin was a "scam"
In the last 24 hours, bitcoin prices have risen over 6%, hitting all-time highs of over $75k. Coinbase stock is up 20% today. Crypto CEOs like Cameron Winkelvoss have been vocal with their support in the wake for the new president.
Stewart Scott, London-based a financial services and fintech headhunter, says he "can only see a Trump presidency as a good thing" for crypto... though not necessarily the world at large. Trump's pro-bitcoin stance and commitment to ousting Gensler will likely further these highs, which "then creates momentum in the industry."
Scott says hiring in crypto has been "steady" recently, but while Trump's arrival "can only make it go up," he predicts it won't have a significant effect. "Companies will have already had hiring plans in place, and target plans to reach." Michael Shlayen, founder of Blockchain Headhunter, says "decisions in crypto startups aren't always 100% rational, especially when it comes to hiring," so it may be a case of waiting and seeing how the market responds.
The major firms, crypto exchanges like Coinbase, Gemini and Binance, are already hiring. Coinbase just had its biggest quarter of hiring since 2022 and has over 300 open roles. Gemini has over 100 roles, and Binance has over 350 (though only two in the US).
Top paying roles available at these exchanges are in software engineering and product. Principal and staff-level roles in either division can earn salaries of over $230k at both Coinbase and Gemini in the US.
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