Are-large-companies-attracting-Towards-digital-currencies?
Cryptocurrency is an expanding universe. Not only for the economic aspects but also in people's daily lives, in the familiarity acquired with these tools, in the way in which citizens from all over the world relate to these new digital currencies. Cryptocurrencies are increasingly present in the lives of all of us.
A phenomenon also recounted by the New York Times in a long article signed by Daisuke Wakabayashi and Mike Isaac.
The article in the New York newspaper begins with the story of Sandy Carter, who quit her job as vice president of Amazon's cloud computing unit this December to move from cryptographic technology company Unstoppable Domains: it's a startup that sells website addresses that are on the blockchain (the digital ledger that guarantees the reliability and security of cryptocurrencies). "It's the perfect storm," said Sandy Carter. "The enthusiasm in this sector is simply incredible."
Such a thriving market is inevitably the object of the desire of workers of all levels, as well as investors. It is no coincidence that more and more executives, managers, and engineers leave their comfortable and well-paid jobs - perhaps in large companies in the digital world, such as Google, Amazon, Apple, and others - to embark on what looks so much like a race to the gold of our age, a generational opportunity, a once in a lifetime opportunity.
Giving up an important position in a company like Amazon to move to a startup would seem like a gamble, a reckless move. But Sandy Carter, explains The New York Times, is one of many.
Silicon Valley is now filled with stories of people riding the cryptocurrency wave, even seemingly ridiculous ones like Dogecoin, which is in fact a digital currency based on a dog meme. After all, Bitcoin - the best known and most traded cryptocurrency - has seen its value grow by 60% this year; while Ether, the cryptocurrency linked to the Ethereum blockchain, has increased its value by more than five times. With these numbers, it's hard not to want to be part of the game.
But beyond the speculative craze, an ever-growing group of the tech industry's brightest figures is seeing a moment of transformation that comes once every few decades, a system that rewards those who spot the change that's about to come before the rest of the world.
"Some see ancient counterparts with how the personal computer and the Internet,
, personal Mobile and with fast Internet, which was once ridiculed and snubbed by everyone, has led to a new generation of billionaires," writes the New York Times.
In recent years, many investors have jumped into this market. This year alone, they have poured over $ 28 billion into cryptocurrency and blockchain start-ups around the world, which is four times the total in 2020. And more than $ 3 billion went into NFT companies alone.
The cryptocurrency world may be no different from the speculative bubbles of the past, such as the subprime mortgages that spawned the 2008 economic crisis, or the 17th-century tulip craze. Much of this craze, the most skeptical say, is driven solely by the desire to get rich quickly.
However, there is something more to this brand-new virtual gold rush. For many, cryptocurrencies could change the world of the internet, making the network a more decentralized space, less controlled by the largest companies in the sector. It is true that the first cryptocurrencies - specifically Bitcoins - appeared as early as 2009 for the first time, so not exactly recently, but it is only in the last few years that this universe has begun to expand at all new rates. Notably, the spread of crypto products such as NFTs only made it to the mainstream market this year. And this has accelerated the exodus from Big Tech companies to the world of cryptocurrencies.
In December 2021, the chief financial officer of Lyft - a private transportation company in the United States - left the racing company to join OpenSea, another cryptocurrency startup. Same path as the one described above starring Sandy Carter. "I've seen enough cycles and paradigm shifts to be aware that when it's emerging it's something big," Brian Roberts told The New York Times. " in these exact words that we are only at the dawn of the NFT and their impact".
Not much different is the decision of Jack Dorsey, who resigned last month as CEO of Twitter to devote more time to cryptocurrencies and his other company, Square - just renamed Block, in homage to the blockchain.
The allure of cryptocurrencies is so compelling that some of the biggest tech companies are having a hard time keeping their employees. On Google's side, concerns have become so pressing that the issue has become a high priority on the executive agenda discussed every Monday by Sundar Pichai, the company's chief executive, and his top deputies. Even "Big G" has begun to offer additional bonuses, paid in shares, to some of its employees.
The growth of this market is now fueled by the fear of missing out on a big opportunity, what the Americans call Fear of missing out (abbreviated to Fomo). The difference from the past is that while before cryptocurrencies were seen only as a stock market that went up and down without too many parameters to respect, now many startups enter the market to build something different, to add new pieces every time.
cryptocurrencies such as Bitpanda, Gemini, and CoinList can be exchanged; art collecting companies such as OpenSea and Dapper Labs have also grown, and then there are infrastructure companies like Dfinity and Alchemy, ”writes The New York Times.
And obviously, if there is an exodus from the world of Big Tech it is also because the working environment there is not necessarily as pleasant as you can imagine. «Part of the brain drain in cryptocurrencies - reads the article - is stimulated by concerns about the control and domination of the largest technology companies by their employees. Many had joined Google, Facebook and others to create something new, but then they ran into bureaucracy and the limits of having to work for these giants ».
Also, for this reason, those who leave a good job at Google, Amazon, or Apple often do so aware of having to accept a lower salary when starting their new job in a startup. On the other hand, they know that there could be much better earnings in the future if the startup is successful. In addition, some have the option of getting paid - even - with their company's cryptocurrency.
In the conclusion of their article in the New York Times, Daisuke Wakabayashi and Mike Isaac resume the interview with Sandy Carter, who looks to the future of the crypto world with great optimism: "The exodus of Big Tech employees towards cryptocurrency startups will continue, absolutely yes. And this is the perfect time to get on the wagon.
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