Silicon Valley Losing its Personnel to the Crypto World

Silicon Valley Losing its Personnel to the Crypto World

As the emergence of cryptocurrencies led people to stray away from traditional investing, large companies are getting shadowed by crypto giants and promising blockchain startups, leading to world-renowned institutions such as Silicon Valley losing their troops to the digital currency environment.

Silicon Valley has been subject to a significant shortage of professionals, including engineers and CEOs from other large companies, as a result of the booming emergence of the crypto industry. In an interview with New York Times, Sridhar Ramaswamy, chief executive of Neeva, was quite optimistic about the current situation, stating:

"It feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity."

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Nevertheless, it’s a hard pill to swallow for large tech companies such as Amazon and Google that get shunned by their own personnel for potentially larger opportunities in the fields of blockchain development and digital currencies.

One of the bigger names that left highly-paid positions was Brian Roberts, who acted as the financial officer of Lyft, joined the recently emerged NFT marketplace OpenSea, which was part of the highly successful Into the Metaverse project. In an interview with Bloomberg, he was very intrigued by the crypto world, and it reminded him of "1995 eBay", stating:

"I haven’t been this excited about something in a very long time,"

Another well-known name is Jack Dorsey, who recently expressed his doubts on the upcoming concept of Web 3.0, stepped down from the CEO of Twitter position, and ventured into the blockchain area to fully focus on his tech company Block (previously known as Square), and build a decentralized Bitcoin exchange.

We can only speculate how things may turn out for the tech industry, but seeing as crypto startups are raking in billions of dollars, it’s only a matter of time until the old dogs start catching up with the youngins in their own efforts to participate in the era of crypto.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree