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 in 30 seconds. This one featured Crypto.com and celebrated those who were brave enough to make a bet in the an expanding industry. A few months later, crypto crashed to a halt.
A number of digital currencies crashed in May and over $300 billion of it was erased due to a drop in price. The value of Bitcoin as an example dropped from a record high in the year that was close to $70,000 to less than $30,000. Certain crypto investors who been millionaires lost it all.
David Yaffe-Bellany, who’s been covering fintech and cryptocurrencies at The Times since January, has been covering the sector when it reached new heights and then suddenly fell to the ground. Interviews with him spoke about the complexities of covering a story that has a huge impact on the globe’s cultural.
What do you think of the reporting of crypto?
In the crypto industry, people discuss crypto years in similar to how we talk about dog years, because the industry is changing rapidly. Since the time I started my job, the excitement surrounding crypto has changed several times. It’s still in the boom phase, but to a certain extent. There are still plenty 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. The majority of our work is looking at the consequences of what occurred in the crash of crypto particularly for regular investors. We’re also trying to determine the narratives that will be for the remainder of the year as the market declines further, and cryptocurrency companies work to stabilise.
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This is a blog for a community that is still struggling to figure out how to navigate this complex world. Being part of that procedure with their- and obtaining experts to explain the workings of things in the most succinct, easy-to-understand way is extremely valuable.
There’s an incredible intellectual depth in trying to comprehend how this all works along with the financial engineering as well as the philosophical basis of the industry however it’s an industry filled with people with crazy personalities who are striving to achieve truly ambitious things. Being able to watch them succeed to a degree , and fail to a extent is quite interesting for journalists.
You were recruited to report on cryptocurrency in the month of January. What was going on in the world of crypto at the moment that inspired you to write about it?
The year of 2017 was a huge one for cryptocurrency. Much of my first discussions on the job included issues like how do we communicate this explosion on our blog readers? The value of Bitcoin has risen to nearly $70,000 by November, which was the highest that it has ever reached. Businesses were popping up almost every day, venture capital companies were splashing billions of dollars into new crypto startups. Additionally, crypto was influencing all. Sport teams had their own stadiums in honor of crypto companies. There were commercials featuring big stars. I believe that ordinary people were constantly bombarded with the crypto industry and were trying to understand the meaning behind it.
Did anything in your coverage has surprised you?
I’ve been impressed 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 how they see the direction of this sector. There’s a lot of talk within the crypto world that is highly critical of mainstream media. However, I’ve observed that for the vast part, people are eager to talk with us, recognizing the fact that our content is written for a target audience that isn’t as engrossed in the day-to-day swings and valleys in the cryptocurrency market.
Do you think of crypto as a subject that is tied to other trends in the world of culture?
The company claims it will transform the world of art and is likely to change the entire spectrum of industries, not just the traditional technology industry. Fashion businesses can now authenticate designer apparel by using blockchain technology, and the real estate market will change because it is a method to confirm ownership of property. You must be willing to exploring the other ecosystems and also trying to comprehend the nuances of them as well possible.
I’m of the opinion that crypto markets are more linked to the traditional market than the crypto evangelists they are familiar with. The premise behind the crypto market was that it could 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. We haven’t quite been to a point where crypto is 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 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.