In an ad campaign for the 2022 Super Bowl, the actor Matt Damon stands on a spaceship in outer space and gazes out at an enormous red planet. “Fortune favors those who are courageous,” he says. Super Bowl ads can cost up to $7 million over 30 seconds. The one shown here came from Crypto.com and praised those who were willing to put money into what was at the time an expanding industry. A few months later, crypto crashed in a crash.
Many digital currencies fell during May’s mid-day and over $300 billion of it was erased following a decline in value. The value of Bitcoin for instance, 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, who’s been covering fintech and cryptocurrencies in The Times since January, has been covering the sector when it reached new heights, and when it abruptly began to fall. He spoke to the media in an interview and spoke about the complexities of covering a story that has a huge impact on the world of cultural.
What do you think of writing about crypto?
The people in the industry discuss crypto years in similar to how we talk about dog years since the industry is changing rapidly. Since the time I started my job, the mood around cryptocurrency has changed a couple of times. The market is still in the growth phase, to a certain extent. There are still plenty of companies that are just beginning their journey and spending a lot of dollars. There’s a feeling that we’re currently in the midst of a crypto winter. The majority of our work is looking at the impact of what happened in the crash of crypto and the impact it had on regular investors. We’re also trying to determine what the main themes will be throughout the remainder of the year, when the market declines further and crypto companies attempt to stabilise.
This is a blog for a community that is still struggling to understand the complexities of this world. Engaging in this kind of procedure with the readers — as well as obtaining experts to explain how things function in the most succinct, easy-to-understand way is really helpful.
There’s an incredible intellectual depth in trying to comprehend how this all works along with the financial engineering as well as the philosophical foundations of it however it’s an industry filled with people with wild personalities striving to achieve truly ambitious things. The process of watching them succeed to a certain extent and fail to a certain extent is quite interesting for journalists.
You were recruited to report on cryptocurrency in the month of January. What was going on in the crypto industry at the moment that inspired you to report on it?
This year was an incredible year for cryptocurrency. Much of my first discussions on the job included issues like how do we communicate this excitement for our customers? The value of Bitcoin has risen to nearly $70,000 by November, which was the highest that it has ever reached. Companies were being formed almost every day, venture capital companies were splashing billions of dollars into new crypto startups. Additionally, crypto was infiltrating every aspect of life. Teams of sports had their own stadiums in honor of crypto-related companies. There were commercials featuring big stars. People were constantly bombarded with the crypto industry and were trying to understand what all it meant.
Have you noticed anything that has surprised you?
I’ve been impressed by the willingness of those within the crypto industry to speak to us and talk about their work and to be open regarding their concerns about how they see the direction of this sector. There’s a lot of talk in the crypto space that’s extremely critical of the mainstream media. However, I’ve observed that, for the largest of the time, people are more than willing to talk with us, recognizing the fact that our content is written for a target audience that’s not so absorbed in the day-to-day swings and valleys that the crypto market experiences.
Do you see crypto as an element that is linked to other trends in the world of culture?
The company claims it’s going to revolutionize the art industry and it’s likely to change the entire spectrum of industries that aren’t part of the typical technology sector. Fashion businesses can now authenticate designer apparel by using blockchain technology, and the real estate business will be changed because this can be used to prove ownership of property. You must be willing to exploring the other ecosystems and also trying to comprehend these as fully possible.
Head on over to our website for the current crypto trends.
I believe that the cryptocurrency markets are more linked to the traditional market than the crypto evangelists feel at ease with. The idea behind the crypto market was that it should be an independent store of value that could not be affected by the continuously shifting macroeconomic trends an influence on the larger markets. However, we haven’t yet been to a point where crypto is isolated from larger trends with regard to its long-term outlook.
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. It’s not dead. Prices could rise up over the next month. The market’s volatility is something we’ve witnessed repeatedly.