Easy Money – Ben McKenzie
In 2021, as cryptocurrency prices soared and celebrities, athletes and investors promoted digital coins and tokens, actor Ben McKenzie, known for television series such as The O.C. and Gotham, became increasingly skeptical. Drawing on his undergraduate background in economics, he decided to investigate. Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud, written with journalist Jacob Silverman, is the result.
McKenzie argues that much of the cryptocurrency industry is built on speculation, hype and outright fraud, and that the promise of easy money attracted ordinary people, often those with the least to lose, into risky investments. He explains how cryptocurrencies work, examines claims about their usefulness, and investigates the role of stablecoins, exchanges, celebrity endorsements, influencers and venture capital in fueling the boom.
The book follows McKenzie and Silverman as they interview industry insiders, critics, regulators and victims. A central part of the story is McKenzie’s interview with Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, conducted shortly before FTX collapsed in late 2022, and the authors describe the dramatic downfall of FTX and other crypto firms that left many investors with heavy losses.
McKenzie places the crypto boom in the broader context of financial history, comparing it to past bubbles and Ponzi schemes, and calls for stronger regulation to protect consumers.
Provocative, accessible and often humorous, Easy Money will interest readers concerned about cryptocurrency, investing and financial fraud. It presents a strongly critical viewpoint that many in the industry dispute, and it is not investment advice.
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