The past couple of years have been extremely difficult for the crypto ecosystem. Scandals, collapses, losses and lawsuits marred the industry, resulting in a loss of confidence in the space — and a loss of funds for many. While 2023, fared better, the trial of former FTX chief executive Sam Bankman-Fried — found guilty of all seven criminal counts against him in November — coupled with many assets still struggling to regain ground, made for a somewhat lukewarm environment.
While the industry is still reeling from these developments, 2024 seems off to a good start, notably with the recent and long-awaited Securities and Exchange Commission (SEC) approval of Spot Bitcoin exchange traded funds (ETFs), which many see as a legitimization of the space and the Holy Grail of crypto.
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Yet, for people working in crypto — and its broader ecosystem — however, the ride has proven rocky, although there are some glimpses of hope, with some experts arguing that “it can only go up from here.”
To put this in context, in December, crypto job postings on LinkedIn declined a whopping 57% year-over-year, yet, it’s less than the 71% year-over-year drop in November, according to Bloomberg.
A Long Bear Market
Phillip Shoemaker, executive director of Identity.com, a non-profit organization providing decentralized identity verification, said that while he knew this was going to be a long downturn and took a conservative approach, “getting cash in the bank and such,” he still didn’t expect this bear market to be as long as it has been.
“Obviously, SBF did a big disservice to us by inviting in the regulators and then really angering them, because he stabbed them in the back by being a fraudster,” said Shoemaker. “There’s been a lot of unhappiness in the space post-FTX, and regulators have been bringing heat. But regulation does need to happen. I’m more concerned about good crypto companies just being down in this environment, but is the time to stay in your lane, to work and, well, to keep building. The bull market will return — it’s a matter of when, not if.”
A Dramatic Shift
For some participants, working in crypto post-FTX, is working in a landscape that has…
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