Ben McKenzie, the actor renowned for his role in ‘The OC’, has raised significant concerns regarding the legitimacy and reliability of cryptocurrency, comparing its use to gambling in an “unregulated, unlicensed casino.” McKenzie, who holds an economics degree and is the author of ‘Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud’, recently shared his views in a documentary titled ‘Everyone is Lying to You For Money’.
In an interview with The Sunday Times, McKenzie emphasized the lack of tangible benefits from cryptocurrencies, asserting that they primarily facilitate illegal activities and serve as a means for individuals to transfer money amongst themselves, likening the scenario to a game where “some people are going to win, some people are going to lose.” He critiqued the fairness of this game, highlighting the absence of regulations that typically govern financial markets.
While acknowledging the substantial increase in Bitcoin’s value prior to 2021, McKenzie cautioned that owning large amounts of cryptocurrency does not guarantee long-term success or sustainability. He warned that the influx of new investors cannot continue indefinitely, suggesting that the underlying mechanics of cryptocurrencies could resemble a Ponzi scheme, which he argues can persist for extended periods, similar to the infamous scheme orchestrated by Bernie Madoff.
This perspective adds to a growing chorus of skepticism surrounding cryptocurrencies, as many experts call for increased regulation to protect investors and ensure market integrity. The conversation surrounding the potential risks of cryptocurrencies continues to evolve, and McKenzie’s insights may resonate with viewers seeking to navigate this complex landscape.