Bankers Quit Jobs to Work in Crypto

In this day and age of the Great Resignation, it is typical to see employees quitting their jobs for a higher-paid freelancing job or for an opportunity to be a part of a global team with work-from-home perks. Current trends in the finance industry tell us that the scenario is the same for bank employees. Current data shows that even senior bank employees leave their jobs for the enticing and prolific cryptocurrency industry. Continue reading the article below to know why bankers are suddenly leaving their secure 9 to 5 jobs for cryptocurrency. 

The Great (Banker) Resignation

Buildings With Glass Windows

According to recruiters and finance experts, senior executives of even the biggest investment banks are packing up their mainstream finance jobs for cryptocurrency jobs because these types of jobs often have a higher thrill and a more competitive reward package. They have dubbed the crypto sector the “Wild West” because you never know what you will get within this exciting, new space. Recruiting managers from the crypto industry has seen a staggering influx of applications from mainstream finance. This is even with big investors investing more in mainstream finance. 

For example, the Hong-Kong financial giant, Amber Group, added a whopping 250 more staff to their group last 2021. What is notable here is the addition of Dimitrios Kavvatha, a former executive member of Goldman Sachs and former CEO of the Royal Bank of Scotland, Morgan Stanley transferring to the Amber Group. Even with the group’s powerhouse, Annabelle Huang, a managing partner at the firm who previously worked as an FX trader at Deutsche Bank and Nomura, told in an interview that the Amber Group is continuing to hire bankers to add to their team. 

Close-Up Photo of Black Piggy Bank on Money

The Future is Crypto

The popularity of bitcoin and the peak increase in its valuation is one major factor why bankers are leaving mainstream finance for cryptocurrency. The Bitcoin, which was less than one-dollar last 2019, is now valued at over $40,000 – which literally more than tripled its value. The emergence of other popular types of cryptocurrency (see also: Dogecoin) backed by popular influencers like Elon Musk also impacts the huge leap of valuation for these digital assets in the market.

 Even though the start of January 2022 saw cryptocurrency value on a downward spiral, this trend does not scare potential investors away. Financial regulators are now more in demand than ever in the crypto industry, so they can apply their expertise to have crypto have a more stable value in the market. According to regulators, the lack of investor protection is needed in the market, together with guidelines to make crypto more stable.

According to those who have jumped ship towards the crypto industry, the crypto world offers a more exciting experience than their mainstream finance job. They are either setting up new investment firms to the ever-growing world of crypto or joining start-ups with great potential to be the Next Big Thing in the crypto industry. Indeed, the shift from crypto being a thing of the dark web to this massive potential for success is an interesting journey.