City hiring to rumble on despite Brexit as Bitcoin boom creates jobs

The Bitcoin boom is set to boost hiring in the City this year as financial companies race to stay ahead of the game in developing Blockchain technology, a leading headhunter has predicted.

Recruiter Morgan McKinley claimed the “increasing need for blockchain and cryptocurrency” could boost the number of available jobs this year, with the boom in interest in cryptocurrencies such as Bitcoin driving demand for blockchain developers and technology specialists within the finance industry, reports The Telegraph.

“Many banks believe that blockchain technology holds great potential to optimise parts of the clearing and settlements process,” the recruiter said. “Aside from the potential need for a support network, there will also be a need for technology specialists, namely blockchain developers.”

Bitcoin has soared in popularity because of its rise in value, with the currency’s price surging from under $1,000 (£742) at the start of 2017 to almost $20,000 at its peak in December. However, concerns of a regulatory crackdown in China, South Korea and Russia spooked the cryptocurrency market last week with Bitcoin shedding a quarter of its value.