Asia surpasses North America in crypto developers, with North America’s share dropping to 24%. The report highlights shifting global talent trends.
Electric Capital has released a significant research report analyzing the global distribution of cryptocurrency developers. The findings reveal a notable shift in the landscape, with Asia surpassing North America in developer share. This analysis examined over 110,000 developer profiles to understand geographical trends within the crypto community.
North America’s Crypto Developer Percentage Falls to 24%
The report also shows that North America’s percentage of crypto developers has dropped from 44% in 2015 to 24% in 2024. On the other hand, Asia’s share has increased significantly from 13% to 32% in the same period. Maria Shen, General Partner at Electric Capital and co-producer, tweeted about this shift, mentioning that Asia is now the leading continent in crypto talent.
However, the United States still leads the global figure as the most popular country for crypto developers, with 18.8%. Following closely is India, which owns 11.8% of the stocks, while the United Kingdom owns 4.2%. However, it is crucial to notice that 81% of crypto developers are outside of the United States, suggesting the geographic reallocation of talent, which may influence the future of cryptocurrencies.
This has reduced North America’s developer share, posing a concern to the U.S. for national security and innovation. The report reveals that the country has lost 51 percent of its developer share since 2015. This decline is even more worrying if one considers that the entire crypto market has grown from $5 billion to an astonishing $2.4 trillion during the period in question.
US Must Encourage Crypto Environment for Future Growth
Most industry analysts have wondered whether the U.S.’s hostile regulatory climate is the reason behind this shift. They say the country requires more precise rules regarding cryptocurrencies to remain dominant in the world market. However, according to the report, 64% of the developers are not located in California and New York, which have long been the epicenters of crypto development. This is a good chance for employment and wealth-making that policymakers should not allow to slip through their hands.
Lastly, Electric Capital highlights the need for neutrality in cryptocurrency. Developers live all over the US and cut across the political spectrum. As such, the focus should be on fostering an environment that promotes innovation and allows the U.S. to reclaim its position as a leader in the crypto space.
