Money Talks: Crypto winter is here
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 29 June 2022
⏱️ 41 minutes
🧾️ Download transcript
Summary
In much of the northern hemisphere, it is summer. But in the world of crypto, winter has arrived. The price of bitcoin, which has been hovering around $20,000, is 70% below its peak of last year. In fact, the entire market capitalisation of the cryptoverse has shrunk by more than two-thirds since November 2021. Is this, as the crypto bulls say, a much needed correction? Or is this the beginning of a domino effect that could see the entire decentralised finance system unravel?
This week, hosts Alice Fulwood, Mike Bird and Soumaya Keynes first look at why this crash is different from the many that have come before in the short life-span of cryptocurrencies. Then, they ask what weaknesses have been exposed in this downturn. Will this downturn finally see the end of the crypto hype and bust cycle?
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Transcript
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| 0:00.0 | Does business growth have you eyeing market expansion to North America? |
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| 0:28.2 | Big, bold, Alberta. |
| 0:33.4 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:38.4 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:43.4 | This U.S. territory is a fast-growing hub for innovators. |
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| 0:59.0 | Game changers, welcome home. |
| 1:07.6 | If you live in New York or London, the chances are you're pretty used to the seasons. |
| 1:13.2 | And if you live and breathe crypto, well, you've also got them pretty used to changing weather. |
| 1:17.6 | There's crypto summer and crypto winter. |
| 1:19.8 | Since the creation of Bitcoin in 2009, there have been two major crypto winters. |
| 1:24.6 | Moments when the entire crypto ecosystem gets wiped out. |
| 1:29.2 | As its January of this year, temperatures in the crypto world have plummeted. |
| 1:33.0 | Well, it may be summer in the real world, but online, it's a crypto winter. |
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