Report: Crypto firms lost 1,000 workers to AI but gained same from finance

Cryptocurrency companies lost approximately 1,000 workers to AI startups since ChatGPT’s November 2022 launch, but simultaneously gained the same number of employees from traditional finance and other sectors, according to Andreessen Horowitz’s annual crypto report. This worker migration reflects the complex dynamics between two of tech’s hottest sectors, occurring during a period when crypto faced significant challenges from the FTX collapse while AI experienced explosive growth.

The big picture: The timing of major industry shifts created a perfect storm for talent movement between crypto and AI sectors.

• The collapse of FTX and ChatGPT’s launch occurred less than a month apart in late 2022, creating a stark contrast in industry outlooks.
• “There was a period of time in the crypto industry where it was looking very negative for crypto and very promising for AI,” said Daren Matsuoka, a partner on Andreessen Horowitz’s crypto investment team.

What you should know: Crypto has mounted a significant comeback since its 2022 lows, changing the competitive landscape for talent.

• The total cryptocurrency market cap has surpassed $4 trillion, with Bitcoin hitting new all-time highs this year.
• The Trump administration’s embrace of crypto has pushed for regulatory clarity and championed Congressional legislation for stablecoins and exchanges.
• Major financial institutions including JPMorgan, BlackRock, and Fidelity are expanding their crypto offerings.

Who’s joining crypto: New crypto industry workers increasingly come from traditional finance backgrounds rather than pure tech.

• Incoming employees tend to join from traditional finance, consulting, or emerging fintech companies.
• This shift signals the blurring lines between traditional finance and cryptocurrency sectors.
• “We started doing this report four years ago, when crypto was in its teenage years,” Matsuoka noted. “But now the world takes crypto seriously… the industry just got a lot more mature.”

Privacy trends emerging: User demand for cryptocurrency privacy features is growing significantly.

• Google searches related to crypto privacy surged in 2025, according to Andreessen Horowitz’s data.
• “It’s a common trope in the industry for people to say users don’t really care about privacy,” said Eddy Lazzarin, Andreessen Horowitz crypto’s chief technology officer. “I personally don’t think that that’s true. I think that people either do or will care.”

About the research: This marks the fourth annual crypto report from Andreessen Horowitz, which spun out its crypto division in 2018.

• The firm raised $2.2 billion in 2021 and $4.5 billion in 2022 during crypto’s previous boom cycle.
• Led by Chris Dixon, Andreessen Horowitz crypto has invested in major startups including Worldcoin, Uniswap, and Phantom.