Crypto Industry's US Workforce Is Small but Economically Significant

A recent study by the National Cryptocurrency Association and the Pragmatic Policy Group highlights the significant economic contribution of the US crypto industry, despite its relatively small direct employment numbers. The report estimates that approximately 34,000 individuals work directly in crypto firms, earning an average of $133,000 annually—more than double the national median wage and surpassing average tech and manufacturing salaries.

Using an economic input-output model, the study finds that each direct crypto job supports around six additional jobs elsewhere in the economy, bringing the total employment impact to roughly 232,000 jobs. This includes roles in suppliers and businesses where crypto workers spend their income.

Geographically, the majority of crypto jobs are concentrated in California, New York, and Texas, which together account for 60% of the industry’s employment. The report also notes emerging hubs in Colorado and North Dakota, driven by favorable policies and innovative projects such as flare-gas mining and stablecoin initiatives.

The research, based on 2024 data from the Bureau of Economic Analysis and the Bureau of Labor Statistics, is the first comprehensive analysis of crypto’s footprint in the US labor market. The authors acknowledge limitations, such as modeling crypto activities based on broader tech industry occupational data due to the absence of a dedicated crypto workforce profile.

The findings aim to inform policymakers about the sector’s economic role and support informed decision-making regarding crypto regulation and industry development. Despite its small size in terms of headcount, the crypto industry’s economic influence is substantial, supporting a broad ecosystem of jobs and economic activity.