Ben McKenzie, best known for his roles in hit TV series such as Lonely Hearts and Gotham, is on a mission. His purpose? The complex world of cryptocurrencies.
McKenzie's foray into cryptocurrency began at the start of the pandemic. Since TV production was on hold and she had a lot of free time, he started reading about cryptocurrencies out of curiosity. The more he learns, the more suspicious he becomes. He saw similarities between the cryptocurrency craze and the economic bubbles of the past.
His background is acting, not finance, although he does have a degree in business. But in 2021, when cryptocurrencies and NFTs reached their peak in the US and around the world, McKenzie saw an opportunity to capitalize on his reputation and become one of the most prominent critics of cryptocurrencies.
Initial skepticism
He was an accomplished actor and understood the power of a compelling story. He concluded that encryption, like a Hollywood blockbuster, is sold based on its story, not its content. "Cryptocurrency, at the end of the day, is just a story, or rather a collection of stories," McKenzie told CBS Mornings. According to Mackenzie, it was advertised as a way to accumulate wealth and democratize money, but he found these promises empty.
Mackenzie told The Guardian that she had something of an epiphany when she read her daughter a bedtime story. It was the story of The Emperor's New Clothes , and Mackenzie said, "I had forgotten that the tailor's trick is to appeal to selfishness and the worship of statute." This is how Mackenzie sees the rapid growth of cryptocurrencies and the emergence of aggressive advertising and marketing strategies in 2021.
McKenzie's conviction against cryptocurrencies prompted him to take a bold step. According to The Guardian, he initially bet $250,000 that the cryptocurrency market would collapse. As it turned out, he wasn't necessarily right, but he miscalculated the time he had to explain to his wife.
"It was an expensive lesson. But it was a luxury I had money for. What angers me the most is the sale of this junk to people who can't afford to lose their real money and the complicity of those who did it,” Mackenzie said.
Take advantage of the cryptocurrency crash
Armed with new knowledge and focus, McKenzie began writing articles criticizing celebrities who support cryptocurrency companies and warning the public about the risks of investing in digital currencies. His activism culminated in his testimony before the Senate Banking Committee in late 2022, a notable event in his unlikely career.
" In my opinion, the cryptocurrency industry is the largest financial pyramid scheme in history. In fact, when the dust settles, cryptocurrencies could be at least ten times the size of the Madoff scam. The truth is that it has ensnared millions of Americans from all walks of life as well." We should all strive to check McGee around the world.
He told CBS Mornings: “The reason I used the term 'Ponzi scheme' before the Senate is because a Ponzi scheme is a useless investment scheme. I mean, that's the definition, and Ponzi schemes are regulated by the Securities and Exchange Commission.''
From there, his momentum led him to co-author a book with journalist Jacob Silverman called Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Scams. The book is dedicated to the rise and fall of the cryptocurrency industry.
Kirkus Reviews called the book "a reasoned, sometimes sharp critique of the cryptographic universe." The review explains: "McKenzie wrote to financial journalist Silverman and complained that because crypto behaves like a security and is unregulated, its value 'jumps like an amphetamine rabbit.'
While McKenzie's crusade against cryptocurrencies is far from over, his journey from Hollywood to the heart of the cryptocurrency world serves as a call to the cryptocurrency community to counter these negative narratives with honesty, transparency, better education, and ensuring the preservation of decentralized finance and cryptocurrencies more broadly.
Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Scams will be released on July 18.