[DigitalToday reporter Jinju Hong] The U.S. crypto industry directly employs about 34,000 people, a relatively small number, but an analysis says it will contribute $55 billion to the U.S. economy in 2026.

Bitcoin Magazine reported on July 22 local time that a report titled "Crypto at Work" by the National Cryptocurrency Association (NCA) and Pragmatic Policy Group presented both employment levels and broader economic spillover effects of the crypto industry.

The report said the average annual salary in the crypto industry is $133,000, well above the U.S. median wage of $64,000, and also higher than average pay in the technology sector and manufacturing. It said crypto is creating many jobs outside the technology sector and directly supports more jobs than major manufacturing industries.

The employment spillover effect was estimated to be larger. Pragmatic Policy Group calculated, using an input-output model, that each direct job in the crypto industry supports about 6 additional jobs across the broader economy through suppliers and consumer spending. It estimated total supported jobs, including indirect and induced employment, at 232,000.

Still, by absolute employment alone, crypto is classified as a small industry. The report compared direct employment of 34,000 with 28,400 in coffee and tea manufacturing and 10,600 in tobacco manufacturing. It also showed that the industry is not on par with large U.S. industries.

Regional concentration was pronounced. California, New York and Texas accounted for 60 percent of all crypto jobs. Supported jobs were tallied at 57,600 in California, 53,800 in New York and 26,500 in Texas. By contrast, supported jobs in so-called central U.S. states such as Iowa, Kansas, Nebraska and the Dakotas together were just over 17,000.

The report pointed to Colorado and North Dakota as new hubs. For Colorado, it cited a crypto-friendly tax system and growth of companies such as Riot Platforms and Crusoe Energy as background factors. For North Dakota, it highlighted flare-gas mining projects and a stablecoin pilot by the state-run Bank of North Dakota.

The survey was based on 2024 data from the Bureau of Economic Analysis (BEA) and the Bureau of Labor Statistics (BLS). Pragmatic Policy Group said the study was the first attempt to comprehensively examine crypto's labor-market impact across the broader economy. It acknowledged limitations, saying that because a crypto-specific labor classification system does not yet exist, it modeled related financial activity based on job composition in the broader technology sector rather than the financial industry.

The National Cryptocurrency Association, which funded the research, said it hopes the results will help policymakers understand the industry's economic contribution on an evidence-based basis. The group was launched in 2025 and aims to expand safe, information-based adoption of cryptocurrencies in the United States.

Against this backdrop, the report shows that the crypto industry should be assessed not only by employment size but also by wage levels, chain employment effects and regional industrial bases. It also exposed a limitation that industrial classification has not yet been precisely established. It said a key issue in future policy debates will be what standards should be used to measure employment statistics and economic impact.