In an advertisement campaign that will air during the 2022 Super Bowl, the actor Matt Damon stands on a spaceship in outer space with his eyes looking out over the vast red planet. “Fortune favors those who are courageous,” he says. Super Bowl ads can cost up to $7 million in 30 seconds. This one featured Crypto.com and celebrated those who were brave enough to make a bet in the an industry that was booming. A few months later, crypto crashed in a crash.
Many digital currencies fell in May as more than $300 billion in value was lost following a decline in value. The value of Bitcoin as an example dropped from a record high last year of more than $70,000 per share, to less than $30,000. Certain crypto investors who made it to millionaires, lost everything.
David Yaffe-Bellany has been covering fintech and cryptocurrencies in The Times since January, has covered the field when it reached new heights and then suddenly began to fall. He spoke to the media in an interview and spoke about his coverage of a complex story that has a huge impact on the globe’s cultural.
What do you think of writing about crypto?
The people in the industry speak about crypto years similar to how we talk about dog years since the market is evolving so rapidly. Since I began my job, the excitement surrounding crypto has changed several times. The market is still in the growth phase, to a certain extent. There are still plenty of cryptocurrency companies just starting out with a large amount of dollars. There’s a feeling that we’re currently in the midst of a crypto winter. The majority of what we’re working on is assessing the impact of what happened in the crash of crypto and the impact it had on regular investors. We’re also trying to determine the narratives that will be for the remainder of the year, when the market declines further and cryptocurrency companies work to stabilise.
We’re writing for a population who is trying to understand this complex world. Engaging in this kind of process alongside the readers — as well as obtaining experts to explain the workings of things in the most succinct, easy-to-understand way is really helpful.
There’s an incredible intellectual depth in trying to figure out how this all works along with the financial engineering as well as the philosophical basis of the industry as well as an industry filled with people with crazy personalities who are looking to accomplish truly amazing things. The process of watching them succeed to a certain degree , and fail to a degree is extremely interesting to watch from a journalist’s perspective.
You were recruited to report on cryptocurrency in the month of January. What was going on in the world of crypto at the time that prompted you to report on it?
This year was an incredible year for cryptocurrency. Many of my initial discussions on the job included concerns like, how can convey this excitement for our customers? The value of Bitcoin has risen to nearly $70,000 by November, the most that it has ever reached. Companies were being formed almost every single day. Venture capital companies were splashing billions of dollars into new crypto startups. In addition, the crypto culture was influencing every aspect of life. Teams of sports named their venues in honor of crypto-related companies. There were commercials featuring celebrities. People were constantly bombarded by the crypto industry and were trying to understand the meaning behind it.
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Did anything in your coverage caught your attention?
I’ve been amazed by the openness of people within the crypto industry to speak to us and talk about their plans and also be candid about their concerns regarding what the future holds for the business. There’s a lot of talk within the crypto world that is extremely critical of the mainstream media. However, I’ve observed that, for the largest part, people are eager to talk with us, recognizing they’re writing to a target audience that isn’t as engrossed in the day-to-day fluctuations that the crypto market experiences.
Do you see crypto as an element that is linked to other trends in the world of culture?
It says it will transform the art industry and it’s changing all kinds of industries, not just the typical technology industry. Fashion businesses can now authenticate designer apparel with the help of blockchain technology. The real estate market will be changed because this can be used to confirm ownership of property. You must be willing to exploring the other ecosystems and also trying to learn about these as fully as possible.
I’m of the opinion that cryptocurrency markets are more connected to traditional markets than the crypto evangelists they are at ease with. The premise behind cryptocurrency was that it should be an independent storage of value that would not be affected by the continuously shifting macroeconomic trends impacting the markets in general. We haven’t quite come to a point at which crypto is isolated from general trends, in terms of its long-term prospects.
It’s difficult to know what the future holds. The market crash of the past month has been a nightmare However, crypto isn’t completely dead. The market isn’t over. Prices could be a lot upwards in the coming month. The market’s volatility has been witnessed repeatedly.