Google, Meta or Netflix and other big tech companies saw a wave of executives and engineers leaving their jobs, joining crypto startups.
When Sandy Carter left her job as a vice president of Amazon’s cloud computing unit this month, she announced in a LinkedIn post that she was joining a crypto technology company. She included a link for open positions at the start-up.
Within two days, she said, more than 350 people — many from the biggest internet companies — had clicked the link to apply for jobs at the firm, Unstoppable Domains. The start-up sells website addresses that sit on the blockchain, the distributed ledger system that underpins cryptocurrencies.
When Surojit Chatterjee, ex vice president at Google, left the company to join Coinbase as chief product manager, just a few months before the company went public, Mr. Chatterjee’s stake in the company soared to more than $600 million in value.
This huge amount of wealth, created interest in joining crypto companies among engineers, it has created FOMO or fear of missing out, especially those whose friends bought Bitcoin several years ago and now are hugely wealthy.
Former Google executive Sridhar Ramaswamy compared where crypto is at now to the 1990s and the “birth of the internet”:
“There is a giant sucking sound coming from crypto,” said Sridhar Ramaswamy, chief executive of search engine start-up Neeva and a former Google executive, who competes with crypto companies for talent. “It feels a bit like the 1990s and the birth of the internet all over again. It’s that early, that chaotic and that much full of opportunity.”
Mark Cuban, the billionaire investor and owner of the Dallas Mavericks that has begun dabbling in bitcoin and crypto, has said:
“It’s like the early days of the internet – brand new, no one really knows what it’s going to be. [There’s] a lot of projections,” he said. ”[W]hen we were starting AudioNet, that turned into Broadcast.com, I can’t tell you how many times everybody said, ‘Internet broadcasting? There’s no chance. I don’t need this internet craziness to do this.’ A lot of people thought we were crazy.”
Part of this mania is also due to getting rich quick by trading an asset class that often seems based on internet jokes.
Part of this information is from the NYT check the full article here.