This past week, Ben Mckenzie was in Austin, Texas, for the annual SXSW event for a conference full of blockchain lovers. The actor has become an anti-crypto-writer in recent years and on the panel expressed his skepticism around cryptocurrency and NFTs.
While there is much excitement within the crypto space, McKenzie says, “They’re just bringing you into the casino.”
McKenzie has been receiving a lot of attention lately due to his loud criticism of crypto. In the session held on Sunday, he was Edward Ongweso Jr. and journalist Jacob Silverman (with whom he is co-authoring a book about crypto and fraud) to discuss the lack of regulation and the inflation of value in the market.
McKenzie argues that Bitcoin, and other cryptocurrencies, are not attached to fiat or backed by currency like the U.S. Dollar. He says crypto is a speculative asset, and its value only comes from its potential worth in the future. He said they’re securities, not currencies, and should be appropriately regulated.
McKenzie addressed a crypto CEO to point out the amount of actual money in the crypto economy is 10% to 15%, with a market cap of $1.8 trillion. “That’s not a lot of real money compared to what it’s supposedly worth,” he said. “At some point, [it] feels like a bubble.”
McKenzie was also keen to address scams, insider trading, and washtrading within the blockchain.