Crypto Skeptic Turns Spotlight on Bitcoin

Ben McKenzie, once famous for a teen drama, now leads a new film that looks at the ups and downs of digital money. In his office, he wears a T‑shirt that carries the logo of FTX, the crypto exchange that collapsed after its founder was convicted of fraud. He admits his spouse won’t let him wear it at home, hinting at the personal stakes involved. The movie begins in 2022 when Bitcoin’s value plummeted. McKenzie says he has spent years watching crypto and finds that its only real use is as a gamble, attracting dishonest actors. Two of the interviewees in his feature are now prisoners for fraud: the former FTX boss and a former Celsius chief. The story then jumps to 2024, when President Trump’s campaign championed crypto. After winning the election, he benefited financially from several crypto deals and helped push for regulation that favored stablecoins. McKenzie notes the industry grew closer to traditional finance, a shift he views skeptically. During an interview, McKenzie pretended to be naive to draw out candid answers from crypto executives. He jokes that people think he is “Chicken Little” for warning about the economy, but he believes playing dumb can expose hidden truths. He highlights that stablecoins, though less volatile than Bitcoin or Ethereum, are used for instant global transfers and can aid criminal activity. Last year, a crypto analytics firm estimated $154 billion of illicit transactions were conducted through stablecoins, especially Tether.McKenzie has not spoken to celebrities who advertised crypto in 2022 Super Bowl ads, and he observes that betting platforms like Polymarket have taken the spotlight after crypto’s decline. He argues these markets resemble gambling more than productive investing, calling them “casino capitalism” and suggesting tighter advertising restrictions. In Congress, Republicans largely support crypto while Democrats are split, some even accepting money from the industry. McKenzie criticizes those who fund campaigns with crypto cash and claims many Democrats are either complacent or complicit. He also describes a tense moment with Kevin O’Leary at a congressional hearing, noting the opposing views on crypto’s future. When asked if all crypto can be considered a scam, McKenzie says speculative tokens resemble Ponzi or multi‑level marketing schemes because early investors lure new buyers. He believes stablecoins pose a separate threat, acting like counterfeit dollars that could destabilize the financial system if left unchecked. He calls for clearer regulation of both speculative coins and stablecoins.