Ladies and Gentlemen, the recession is once again on us, said none. It is feared by many, though. In the US, the Federal Reserve has already sprung onto the defensive by increasing the interest rates sharply, tightening the economy. In Europe, high-priced energy is draining consumers of spending power, rendering factories more expensive to run. Finally, China is battling an outbreak of the Omicron variant of the coronavirus, leading the authorities to inflict the strictest lockdowns since the onset of the pandemic.
The Global Scenario
CNN reports a shocking 68% of CEOs questioned by The Conference Board anticipate the Fed’s economic tightening to combat inflation will subsequently result in a recession. The survey conducted between April 25 and May 9, recorded the opinions of 133 CEOs of most public companies. There is also a brewing concern among economists and banks about a high probability of recession striking next year. The growing pessimism coincides with the continuing slide in the financial markets. The recent weeks were witness to a number of major tech companies announcing a reduction in staff, owing to a downward climb in the traditional market and falling demand for products that had shot up during the pandemic.
The Crypto Sector
Amid the grim setting, it’s heartening to observe the prominent surge in crypto jobs. Blockchain pioneer and HashCash chief, Raj Chowdhury points to the crypto rising to position itself as a hedge against recession. According to Chowdhury, the rise in crypto jobs, globally, can substantially reduce the fear of an oncoming recession.
The scenario in the crypto sector, though, is quite the reverse. There is no visible slowdown in operations or recruitment, according to the HR Manager of HashCash Consultants, “We’re aware of the paring back of employees that is currently taking place in some of the big-tech firms,” she said. “HashCash is expanding and our hiring has seen no slack.”
A large number of other crypto enterprises have echoed HashCash’s voice on recessional cutbacks. Chowdhury puts it in words, “The rise in job opportunities in the crypto sector globally will neutralize the risk of recession.”
A LinkedIn research pulled out that job postings in the crypto sphere have increased 395% from 2020 to 2021 against a 98% rise observed in the tech industry during the same period. Blockchain developers were the most common profiles in demand.
A huge number of tech firms are seeking to incorporate blockchain technology into their existing systems. “Such projects will keep opening doors of opportunities for various job profiles,” revealed Chowdhury.
Chowdhury had earlier suggested that the inflation-hit market should offer the ultimate test environment for the crypto to prove its utility. Making most of the opportunities in the Middle East, he has announced establishing a Dubai development center. Chowdhury-headed HashCash Consultants has resumed office after two years and currently operates in a hybrid model.
Raj Chowdhury is positive about the emergence of the crypto industry despite its recent collapse leaving 40% of the investment underwater. “The infallible alternative to the obsolete legacy systems and traditional vehicles is bound to appeal to industry leaders as well as the masses,” he concluded.