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Crypto's Very Bad, No Good Year | Bloomberg Crypto
Posted
December 15, 2022
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December 15, 2022
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28:41Now PlayingIt’s safe to say that 2022 wasn’t the best year for crypto. By late January, Bitcoin had already shed half its value () from its alltime high set the previously November nearly $69,000 (). And Bitcoin prices stayed on a downward trend that only accelerated after the first major crisis of 2022, the collapse of an algorithmic stablecoin called TerraUSD. The implosion of what was once considered an ambitious experiment () for DeFi sent shockwaves through the industry, ultimately triggering the collapse of crypto hedge fund Three Arrows Capital and bankruptcies at crypto lenders Voyager Digital and Celsius.
It started to feel a bit like the Hunger Games - crypto CEOs and other senior executives racing for the exit, true believers getting into Twitter fights about whether centralisation was the real enemy, all against a backdrop of conferences and parties where people tried to rekindle enthusiasm for their Bored Ape collections. Then - most recently of course - the stunning collapse of one of the most significant crypto exchanges in the sector, FTX and the resignation of its 30-year-old CEO Sam Bankman-Fried. Quite the year. And it isn’t over yet.
In this episode a breakdown of the year’s biggest stories with Bloomberg reporters Vildana Hajric () and Emily Nicolle (), with key takeaways and a look ahead to next year.
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Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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