A sceptic’s guide to crypto: boom and bust
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 21 August 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
A new season of Tech Tonic asks whether crypto and its supporting technology - the blockchain - have a future following a market crash. In the first episode of this five-part series, FT columnist and host Jemima Kelly casts a sceptical eye on what led to the boom in digital assets and their subsequent collapse. She assesses the damage with the FT’s digital assets correspondent Scott Chipolina, and hears from big-time bitcoin investor Michael Saylor, Dogecoin co-creator Jackson Palmer, and crypto YouTuber, Wajahat Mughal.
Check out stories and up-to-the-minute news from the FT’s technology team at ft.com/technology The FT’s Cryptofinance Hub is at https://www.ft.com/cryptofinance Scott Chipolina’s reporting can be found at https://www.ft.com/scott-chipolina
For a special discounted FT subscription go to https://www.ft.com/techtonicsale
Presented by Jemima Kelly. Special thanks to Scott Chipolina. Edwin Lane is senior producer. Produced by Josh Gabert-Doyon. Executive producer is Manuela Saragosa. Sound design by Breen Turner, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.
News clips credits: CNBC, Saturday Night Live
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Hello and welcome back to the channel. My name is Wajah and we've got another |
| 0:13.7 | terror video today. In this video, we're going to cover... |
| 0:16.2 | Wajah Hamagal is a doctor in his 20s. He posts videos about crypto on YouTube. |
| 0:22.4 | You could, if you were that way inclined, call crypto his side hustle. |
| 0:26.9 | He does guides on cryptocurrencies and he trades them too. It made him quite wealthy |
| 0:32.3 | until it didn't. The last few days have been pretty difficult. |
| 0:38.2 | My net worth is gone completely. Yeah, I made a mistake. |
| 0:48.0 | Really tough week for me. Haven't been able to sleep properly. |
| 0:52.0 | I'm sure you guys could see how passionate I was about it and I'm sorry that |
| 0:56.4 | I've actually gotten so many people into this as you most of them have all lost money now. |
| 1:03.2 | Wajah Hamagal comes across as refreshingly honest and genuine. |
| 1:07.4 | A bit naive, yes, but you can't help but feel bad for him. But his story isn't unusual. |
| 1:13.8 | There are millions more who've lost money on crypto out there. Everyone has their own story. |
| 1:18.8 | Here's how it happened for Wajah Hamagal. I was always learning, reading, |
| 1:24.7 | about all different asset classes really. But then slowly, you kind of shifted to crypto because |
| 1:29.6 | the more I pretty much read, the more I learned, the more I enjoyed it. And I found that a lot of my |
| 1:34.9 | friends didn't really understand or didn't really grasp the concept of it and really just the |
| 1:41.0 | the infinite amount of things that you could actually do with your assets that you can do with |
| 1:45.8 | crypto. And that's pretty much how I went down that rabbit hole to become a crypto YouTuber. |
| 1:51.3 | Wajah had teamed up with another friend, one who did understand crypto or who thought he did |
... |
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