Competition For Crypto Jobs Might Come From India
Blockchain developers in the western world might see their insane pay packages going away, while blockchain startups could enjoy smaller costs. But there are two ifs.
Incrypt, an Indian blockchain community, over the course of six months polled 100 blockchain developers and find out that more than 80% of them are interested in moving abroad, according to the Economic Times. The report suggested, that India's lack of regulation and frameworks is forcing developers, but also entire companies, to move to places like Singapore, Dubai, Estonia or Switzerland.
Nobody knows for sure how many people that amounts to, but hiring-solutions provider Belong Technologies says there are two million software developers in the country. Apparently, just 0.25%, or roughly 5,000, have the necessary blockchain skills, according to the report.
Therefore, here is the first if. If the survey of only 100 developers by Incrypt somehow managed to reflect the general mood of these professionals in India, other countries might see thousands of Indian developers coming to work for local companies and competing with local professionals. Also, one might expect that more and more Indians will get necessary blockchain skills. Moreover, according to the report, India trails other companies when it comes to venture capital and investing in blockchain startups: in the last two years, USD 5.3 million had been raised, compared to more than USD 2 billion on a global scale.
It's hard to speculate how such an influx of blockchain developers would affect other markets in more detail, but what we do know for a fact is that the West is faced with one of the worst skills gap ever recorded.