Two crypto crash Indicators

Planet Money

NPR

Business, News

4.6 • 29.8K Ratings

🗓️ 6 July 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Two stories of consternation from inside the crypto world. Can a crypto crash spread to the wider economy? How does contagion work? And ... why has crypto had such appeal with Black investors? | Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Transcript

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0:00.0	This is Planet Money from NPR.
0:04.0	Hi everyone, Whalen Wong here.
0:08.0	And I'm Paddy Hirsch. The cryptoverse that's cryptocurrencies and all the financial technology
0:12.6	associated with them has had a rough time lately. The flagship crypto asset Bitcoin has fallen
0:18.1	sharply in value. Its market capitalization is down to roughly $390 billion, about the
0:24.5	same level it was in December of 2020.
0:27.4	It's quite a reverse from October of last year when Bitcoin had a market cap of $1.14 trillion
0:34.4	and Matt Damon was pitching crypto.com.
0:37.4	Fortune favors the brave.
0:40.4	Fortune favors the brave. I love it. Thanks Matt. Since that ad aired, the total value
0:46.0	of crypto assets has dropped by two thirds. It was at $3 trillion dollars now. It's one
0:50.6	trillion. If I'd less than that, I really, really, really want to call Matt Damon up and
0:54.6	ask him, hi, bravi's feeling right now. But I don't have his number.
0:58.8	And he's ignoring all my texts. I don't know why.
1:01.6	He's such a devil.
1:02.6	Most investors in crypto are institutions, but a lot of individuals have made bets on crypto.
1:08.3	Some because they believe in the future of the blockchain and cryptocurrency, others because
1:12.5	they've seen the gains many crypto firms have made and they want to jump on that train.
1:16.9	Yeah, Pew Research Center survey found that 16% of US adults that they had invested in,
1:22.7	traded or used a cryptocurrency. That is a lot of exposure to one of the riskiest assets
1:27.9	known to humankind. And the recent collapse adds up to a lot of money being lost by a lot
1:32.8	of people.
	...

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