Crypto's Wild Ride: More Than Just a Bumpy Road

Crypto has had a wild ride lately. It's like a rollercoaster that won't stop. Despite getting everything it wanted, the industry is still struggling.

Bitcoin's Big Drop

Bitcoin, the most famous crypto, has dropped 30% from its peak in October. That's a big deal, especially when you compare it to the stock market's smaller dip.

Is Crypto a Scam?

Some people think crypto is a scam. One of them is Ben McKenzie, an actor and author. He recently released a documentary called "Everyone Is Lying to You for Money." In it, he talks about the crypto market's ups and downs and why he thinks it's not all it's cracked up to be.

Crypto as a Canary in a Coal Mine

McKenzie believes crypto is like a canary in a coal mine. When it crashes, it might mean the whole economy is in trouble. He also thinks crypto is a zero-sum game. That means for someone to win, someone else has to lose.

Crime and Crypto

Plus, he's worried about all the crime crypto helps, like money laundering and terrorist financing.

The Winners and the Losers

But what about the people who made a lot of money from crypto? McKenzie says, sure, they did well, but that doesn't make crypto any less of a scam. He also thinks the recent support from former President Trump is a bad sign. But he's feeling a bit better lately because Trump's poll numbers and the market are both dropping.

From Crypto to AI

McKenzie has been warning people about crypto for years. Now, he's thinking about turning his attention to AI. He thinks AI is also a bit of a scam, but at least it has some real-world uses, unlike crypto.