Aussie youth are abandoning legacy jobs to jump on the crypto train
A report on Business Insider highlights a trend that is going to help cryptocurrencies and other blockchain-based investments gain mainstream acceptance. According to the report, young Australians are abandoning legacy job opportunities to work in crypto.
“In November, Business Insider Australia reported that former regulators and bankers are flocking to work in the crypto industry,” the report states. “It’s a move crypto exchange managers said could strengthen institutional investment and support.”
“One of the things that’s of particular interest, in blockchain, crypto…is it’s purposeful,” Steve Vallas, chief executive of Blockchain Australia said in the report. “People feel they can create legacies.”
Why does this matter? Australia is facing severe skill shortages, particularly in the tech sector. As noted by the AFR, the skills shortage has pushed tech wages up by a third recently, and the trend shows no sign of easing. With skilled migration levels still expected to be low, companies will be competing, hard, for young IT talent in particular.
If that talent is moving to crypto, then the bulk of the innovation will occur there. Crypto companies will continue to earn competitive advantages over the legacy companies, which will cause more Australian consumers to look at the opportunities presented by crypto.
The ongoing career interest in crypto also highlights the likely temporary nature of the current value crash. IT professionals remain confident in the long term viability and value of crypto. They are, after all, staking their careers on it.