How Actor Ben McKenzie Became an Unlikely Antagonist of Cryptos

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Schenkkan listens while testifying before the Senate Banking, Housing, and Urban Affairs Committee on Cryptocurrency on Capitol Hill on Wednesday, December 14, 2022 in Washington, DC. (Kent Nishimura/Los Angeles Times via Getty Images)Los Angeles Times via Getty Images

Ben McKenzie, best known for his roles on popular TV shows like “The OC” and “Gotham,” is on a mission. His target? The complex world of cryptocurrency.

McKenzie’s foray into the world of crypto began at the start of the pandemic. With TV production on hold and plenty of free time, he started reading about crypto out of curiosity. The more he learned, the more suspicious he became. He saw similarities between the crypto craze and economic bubbles of the past.

He has a background in acting, not finance, although he holds a degree in economics. But in 2021, when crypto and NFTs had reached a fever pitch in the United States and around the world, McKenzie saw an opportunity to build on his fame and emerge as one of the most recognized critics of crypto.

First skepticism

A seasoned actor, he recognized the power of a compelling story. He concluded that crypto, much like a Hollywood blockbuster, was sold on the basis of its narrative rather than its substance. McKenzie told CBS Mornings that Crypto, at the end of the day, is just a story, or rather a collection of stories. In McKenzies’ view, it was marketed as a way to create wealth and democratize finance, but he felt these promises were empty.

McKenzie told the Guardian he had achieved something of an epiphany reading his daughter a bedtime story. The story was The Emperors New Clothes, and McKenzie said, I had forgotten that tailors’ thing is to appeal to ego and status worship. This is how McKenzie saw the rapid rise of crypto in 2021 and the aggressive advertising and marketing tactics that are fueling the surge.

McKenzie’s anti-crypto conviction led him to take a bold step. According to The Guardian, he basically bet $250,000 that the crypto market would crash. It turned out that he wasn’t necessarily wrong, but he miscalculated the moment, resulting in a considerable loss that he would have to explain to his wife.

It was an expensive lesson. But it was a luxury I had the money to speculate with. What angers me the most is the selling of this trash to people who can’t afford to lose the real money they have, and the complicity of the people who did this, McKenzie said. .

Capitalizing on the Crypto Collapse

Armed with new knowledge and a sense of purpose, McKenzie began writing articles criticizing celebrities who endorsed crypto 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 remarkable event in his unlikely career pivot.

from the American University Washington College of Law, Kevin OLeary, investor and television personality, director of financial regulatory studies at the Center for Monetary and Financial Alternatives of Cato Institute Jennifer Schulp, and actor and author Ben McKenzie Schenkkan testify during a hearing before the Senate Banking, Housing, and Urban Affairs Committee at the Dirksen Senate Office Building on December 14, 2022 on Capitol Hill in Washington, DC. The committee held a hearing on Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers. (Photo by Alex Wong/Getty Images)Getty Images

“In my opinion, the cryptocurrency industry represents the biggest Ponzi scheme in history. In fact, by the time the dust settles, crypto could well be a fraud at least ten times bigger than Madoff. The fact that she roped off tens of millions of Americans from all walks of life, as well as hundreds of millions of people around the world, should concern us all,” McKenzie said.

He told CBS Mornings, The reason I used the word Ponzie scheme in front of the Senate is that a worthless investment scheme is a Ponzie scheme. I mean, that’s the definition, and Ponzie schemes are regulated by the Securities and Exchange Commission.

From there, his momentum prompted him to co-write a book titled “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” with journalist Jacob Silverman. The book is billed as a deep dive into the rise and fall of the cryptocurrency industry.

Kirkus Reviews calls the book “A well-reasoned, sometimes strident critique of the crypto universe. The review explains, Writing with financial journalist Silverman, McKenzie charges that since crypto behaves like a security, and unregulated at that, its price is climbing. Plus, the technology isn’t scaling well enough, it’s disastrous for the environment because it takes so much electricity to mine, and it’s surrounded by scammers and scammers.

While McKenzie’s anti-crypto crusade is far from over, his journey from Hollywood to the heart of the crypto world serves as a call to action for the crypto community to combat these negative narratives with honesty, transparency, and improved education around decentralized finance and cryptos more application to the world of finance.

“Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” is set to be released on July 18.

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I am the founder of Columbia Advisory Partners, LLC, a certified CPA and CFP, as well as co-founder of Defi Steward, co-founder of PlannerDAO. PlannerDAO aims to increase access and adoption of cryptocurrency within the financial planning community. As the founder of Defi Steward, I support investment advisors in managing their clients’ digital assets. Additionally, I am an Assistant Professor of Finance at Gonzaga University. I hold and trade modest amounts of BTC and ETH because I am passionate about what the future economy holds for the world of financial planning. I pledge to promote economic freedom and universal fiduciary standards.

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