Does Bitcoin have a grip on the economy?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 23 June 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

The crypto market has taken a beating lately, and even though Bitcoin and other crypto assets are risky, they're becoming more mainstream. How concerned do we need to be about the recent crypto collapse?

Transcript

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0:00.0	NPR.
0:03.4	This is the indicator from Planet Money.
0:13.4	I'm Whalen Wong.
0:14.4	And I'm Paddy Hirsch.
0:15.8	The cryptoverse that's cryptocurrencies and all the financial technology associated with
0:19.8	them has had a rough time lately.
0:22.0	The flagship crypto asset Bitcoin has fallen sharply in value.
0:26.4	This market capitalization is dying to roughly $390 billion about the same level it was
0:31.7	in December of 2020.
0:33.8	It's quite a reverse from October of last year when Bitcoin had a market cap of $1.14 trillion
0:40.2	dollars.
0:41.2	And Matt Damon was pitching crypto.com.
0:44.2	Fortune favors the brave.
0:47.4	Fortune favors the brave.
0:48.7	I love it.
0:49.7	Thanks, Matt.
0:50.7	Since that ad aired, the total value of crypto assets has dropped by two thirds.
0:55.3	It was at $3 trillion dollars now.
0:56.7	It's one trillion, if I'd less than that.
0:58.4	I really, really, really want to call Matt Damon up and ask him, hi, bravis, feeling right
1:02.6	now.
1:03.6	But I don't have his number.
	...

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