In an ad campaign for the 2022 Super Bowl, the actor Matt Damon stands on a spaceship in outer space and gazes out at the vast 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 featured Crypto.com and praised those who were willing to make a bet in the an industry that was booming. A few months later, crypto crashed in a crash.
A number of digital currencies crashed during May’s mid-day as more than $300 billion of it was erased due to a drop in price. The value of Bitcoin as an example fell from a peak last year of more than $70,000 to less than $30,000. Certain crypto investors who made it to millionaires, lost everything.
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David Yaffe-Bellany, who’s reported on fintech and cryptocurrency in The Times since January, has covered the field when it reached new heights, and when it abruptly fell to the ground. Interviews with him discussed about his coverage of a complex subject that is a major part of the world of cultural.
What do you think of writing about crypto?
In the crypto industry, people discuss crypto years in like we do about dog years, because the industry is changing rapidly. Since I began my job, the mood around crypto has changed several times. The market is still in the boom phase, but to a certain extent. There are still a lot of companies that are just beginning their journey with a large amount of funds. There’s a feeling that we’re entering the midst of a crypto winter. Today, much of our work is assessing the impact of what happened during the cryptocurrency crash 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 falls further, and crypto companies attempt to stabilise.
We’re writing for a population who is trying to understand the complexities of this world. Engaging in this kind of process alongside their- and 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 the mechanisms behind this as well as the financial engineering and the philosophical foundations of it as well as an industry that is populated with wild personalities striving to achieve truly ambitious things. Being able to watch them succeed to a extent and fail to a certain degree is extremely interesting to watch from a journalist’s perspective.
You were recruited to report on bitcoin in the beginning of January. What was going on in the crypto industry at the time that prompted you to write about it?
This year was an incredible year for cryptocurrency. Much of my first discussions about my job involved issues like how do convey this explosion for our customers? The value of Bitcoin was close to $70,000 in November, which was the highest that it has ever reached. Businesses were popping up almost every day, venture capital firms were splashing billions dollars to fund new crypto-based start-ups. In addition, the crypto culture was influencing all. Sport teams had their own stadiums in honor of crypto-related companies. There were commercials featuring celebrities. People were constantly bombarded with cryptocurrency and trying to understand what all it meant.
Did anything in your coverage caught your attention?
I’ve been impressed by the willingness of those within the crypto industry to speak the doors and share information about their plans and also be candid about their concerns regarding how they see the direction of this sector. There’s plenty of discourse within the crypto world that is highly critical of mainstream media. But I’ve noticed that for the vast part, people are eager to talk with us, knowing they’re writing to a target audience that’s not so absorbed 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 world of art and is likely to change the entire spectrum of industries that aren’t part of the typical technology industry. Fashion businesses can now authenticate designer clothes with the help of blockchain technology. The real estate market will change because it can be used to prove ownership of property. You must be willing to trying a dip into the other ecosystems and also trying to learn about these as fully as possible.
I’m of the opinion that 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 storage of value that would not be influenced by the ever evolving macroeconomic trends that are an influence on the larger markets. However, we haven’t yet come to a point at which crypto is completely isolated from general trends, in terms of its long-term outlook.
It’s difficult to know what the future holds. The market crash of the past month was a disaster however, crypto isn’t gone. It’s not dead. Prices could be a lot up over the next month. The market’s volatility is something we’ve witnessed repeatedly.