The U.S. cryptocurrency industry employs a comparatively small workforce but generates a substantial economic footprint, according to a new report from the National Cryptocurrency Association (NCA) and the Pragmatic Policy Group (PPG).

The report, titled "Crypto at Work", claims to be the first comprehensive analysis of the crypto industry's impact on the U.S. labor market. It finds that while only 34,000 people work directly for crypto companies, the industry is projected to contribute $55 billion to the U.S. economy in 2026.

Jobs in the crypto sector average $133,000 per year — more than double the $64,000 national median wage and exceeding average pay in both the tech and manufacturing sectors.

"Crypto creates many jobs outside the tech industry and directly supports more jobs than key manufacturing industries," the report states.

Using a standard input-output economic model, PPG calculated that every direct crypto job supports approximately six additional jobs elsewhere in the economy, including at suppliers and at businesses where crypto employees spend their wages. Adding indirect and induced jobs to the direct total yields 232,000 jobs that the industry supports nationwide. That distinction matters because the report's headline employment figure is not limited to people on crypto company payrolls; it also captures the broader economic activity the study attributes to the sector.

By raw headcount, however, crypto remains a niche employer. The report benchmarks its 34,000 direct jobs against coffee and tea manufacturing (28,400 jobs) and tobacco manufacturing (10,600 jobs) — figures well below those of major American industries.

The industry's geographic distribution is also concentrated. California, New York, and Texas account for 60% of all crypto jobs, with 57,600, 53,800, and 26,500 positions respectively. Heartland states — including Iowa, Kansas, Nebraska, and the Dakotas — collectively support just over 17,000 jobs.

The report highlights Colorado and North Dakota as emerging hubs. Colorado's appeal stems from its crypto-friendly tax policies and companies such as Riot Platforms and Crusoe Energy. North Dakota's growth is driven by flare-gas mining operations and a pilot stablecoin initiative from the state-owned Bank of North Dakota.

PPG describes the study as the first economy-wide assessment of crypto's labor market impact, built on 2024 data from the Bureau of Economic Analysis and the Bureau of Labor Statistics. Because the analysis uses official economic datasets alongside a model-based projection for 2026, its usefulness for policymakers depends in part on how clearly readers distinguish observed labor-market inputs from estimated economy-wide effects.

The firm acknowledged a methodological limitation: because "a dedicated crypto workforce profile does not yet exist," it modeled crypto's financial activities using the occupational mix of broader technology industries rather than traditional finance.

The NCA, which funded the research, said it hopes the findings provide policymakers with "an evidence-based understanding of the sector's economic contribution." The nonprofit was launched in 2025 to promote what it describes as safe, informed cryptocurrency adoption in the United States.

Source: Bitcoin Magazine