San Francisco Sees Tech Leave And Crypto Enter

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If you’re going to San Francisco, be sure to wear well, I’m sorry Scott Mackenzie but apparently no longer flowers in your hair but some crypto coins in your pocket.

According to a study Bloomberg did for LinkedIn, San Francisco is the newest hype city for all things crypto. The Bay Area may have seen tech companies leave for tax haven Texas (they still can’t get over the fact that Tesla left them), that doesn’t mean they are taking this in their stride.

The empty office space is apparently being occupied by crypto companies instead.

Metropolitan area

Adjusting for population and city size, the data points show that the San Francisco Bay area is the new crypto center in the US, employing the biggest number of crypto workers this year. Firms in the city made four crypto hires per 100,000 LinkedIn members living in the metropolitan area, according to the analysis published on Bloomberg.

Top crypto cities using LinkedIn data via Bloomberg https://t.co/mJipkbPHtI pic.twitter.com/mEUJVmtTZu

— Rob Wile (@rjwile) November 4, 2021

Funnily enough, just a week ago, the mayors of New York (who wants crypto taught in schools) and Miami were battling for the title of crypto capital of the US, but it now appears that San Francisco (California) and Austin (Texas) are hiring more people (as per their population size) than they both do.

New York Mayor-elect Eric Adams said schools should teach about cryptocurrency and its technology, as he vows to build a crypto-friendly city when he takes office in January https://t.co/v1Rcy5wgBB

— Bloomberg (@business) November 8, 2021

With Bitcoin trading above $60,000 and interest in crypto at an all-time-high, I’m sure we’ll see a lot more financial firms hire blockchain specialists in the next few weeks and months.