Ben McKenzie’s Candid Thoughts on Cryptocurrency
Renowned actor and author Ben McKenzie recently joined the OddLodds Bloomberg show to discuss his journey into the world of cryptocurrency. Here are the key points from his interview:
1. McKenzie’s foray into crypto started during the pandemic when he saw people making substantial profits. Despite a previous bad investment experience, he took a friend’s recommendation and delved into bitcoin and other cryptocurrencies.
2. In his book, “Easy Money,” McKenzie argues that cryptocurrencies are not operating as traditional currencies. To better understand the subject, he took a free online course on blockchain and crypto taught by Gary Gensler, the head of the Securities and Exchange Commission (SEC).
3. McKenzie expressed concern over the popularization of bitcoin and other cryptocurrencies, suggesting they might constitute a massive Ponzi scheme. He mentioned that their appeal, particularly among young men, is driven by a mistrust in traditional financial systems.
4. McKenzie questioned the authenticity of cryptocurrencies and their commodity status. He noted that the real money in crypto is much smaller than the inflated market cap suggests, often driven by speculation and leverage.
5. One of the concerns discussed was the lack of liquidity in cryptocurrency markets. McKenzie pointed out that overseas exchanges like Binance drive most trading volume, but the validity of this volume is uncertain due to wash trading in unregulated exchanges.
In conclusion, Ben McKenzie provides a skeptical and intriguing perspective on cryptocurrency. While acknowledging the potential of cryptocurrencies, he raises concerns about their authenticity, market risks, and potential for manipulation. He also highlights the perils of gambling addiction within the crypto space and draws parallels between the crypto industry and online poker. Overall, his candid thoughts shed light on the complexities and challenges surrounding cryptocurrencies.
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