In recent months, Ben McKenzie, best known for his role in the iconic TV series The OC, has emerged as a vocal critic of cryptocurrency. With the release of his documentary, Everyone is Lying to You For Money, which premiered at the inaugural SXSW festival in London, McKenzie aims to expose the dark underbelly of the crypto world. His perspective is shaped by his background in economics and a keen observation of the industry’s trajectory, especially following the catastrophic collapse of major players like FTX.
The documentary opens dramatically with McKenzie walking through a seemingly desert landscape reminiscent of Iraq, a nod to the historical origins of currency. However, as the camera zooms out, viewers are transported to Texas, illustrating McKenzie’s point that appearances can be deceiving. This sets the tone for the rest of the film, where he critiques cryptocurrency for deceiving many participants in an unregulated game resembling a casino.
McKenzie shares his views candidly, stating, “Crypto can’t actually do anything in the real world, except illegal activities that you wouldn’t do otherwise.” He emphasizes that engaging in cryptocurrency trading resembles participating in an unlicensed casino, where success is dictated more by luck than genuine economic value. Throughout the film, McKenzie interviews key figures in the crypto industry, scrutinizing their responses to fundamental questions about the utility of cryptocurrencies.
Critics of McKenzie might view his transition from actor to cryptocurrency adversary as an overreach, arguing that he lacks the expertise to critique such a complex industry. However, McKenzie counters this narrative by highlighting his degree in economics, which provides him a foundation to challenge the rampant speculation and inherent risks prevalent in the crypto market. His interest in cryptocurrency ignited during the COVID-19 lockdown, leading him to research the industry and eventually testify in front of the U.S. Senate.
One of the film’s pivotal moments includes an interview with Sam Bankman-Fried, the founder of FTX, which took place before the company’s notorious collapse in late 2022. McKenzie describes the encounter as “awkward and strange,” noting Bankman-Fried’s inability to communicate coherently during the discussion.
As the collapse of FTX reverberated through the financial world, McKenzie became increasingly alarmed by the systemic risks presented by cryptocurrencies, particularly their incorporation into traditional banking frameworks. He cites the example of Silicon Valley Bank, which faced substantial losses due to investments in cryptocurrency. These events contribute to his stance that cryptocurrency is not only speculative but poses real threats to financial stability.
A significant topic covered in the documentary is how prominent figures, including those in political spheres, advocate for cryptocurrencies. The support of figures like Donald Trump and notable political allies further complicates the conversation around crypto’s legitimacy. McKenzie argues that the intertwining of cryptocurrency with political agendas only deepens the risk for everyday investors.
Despite the skepticism surrounding cryptocurrency, McKenzie acknowledges that the allure of quick wealth can be captivating. He paints a stark picture, saying, “You run out of new people to put money in,” suggesting that the sustainability of cryptocurrencies is questionable at best. Many participants remain fervently loyal to the concept of crypto, even after experiencing significant financial losses, leading McKenzie to conclude that it functions more like a belief system than a reliable investment strategy.
One particularly striking scene in Everyone is Lying to You For Money depicts individuals who lost substantial amounts in the collapse of Celsius, another crypto exchange. Even in defeat, their unwavering faith in cryptocurrency underscores McKenzie’s concerns: “It’s really not ever going to go away… if you believe that ultimately, at best, it’s a speculative bubble, and at worst, it’s a speculative bubble predicated on fraud and criminal activity.”
As he shares insights into his new role as a critic of the tech world, McKenzie doesn’t shy away from addressing his iconic past as Ryan Atwood in The OC. Reflecting on how his former co-stars might view his transformation, McKenzie expresses that they might be surprised but supportive, alluding to the unique nature of his career shift.
Ultimately, Ben McKenzie’s documentary serves as a critical discourse on the nature and risks associated with cryptocurrency. It blends humor with serious inquiry, reflecting his journey from teen idol to asincere advocate for financial responsibility. His commitment to educating the public about the potential harms of cryptocurrency takes on greater significance in a world where speculative bubbles can profoundly impact lives and financial futures.
Furthermore, McKenzie’s narrative highlights the need for regulation in an industry that remains largely unchecked. As he cautions, the risks are not confined to individual investors; the intertwining of cryptocurrencies with traditional financial institutions poses systemic threats that could endanger the broader economy. His documentary resonates especially in light of the ongoing discussions about regulatory frameworks for emerging technologies, a topic that remains both timely and contentious.
In synthesizing his experiences into Everyone is Lying to You For Money, McKenzie not only revisits his roots as an actor but also makes a compelling case for informed skepticism in an age of rapid technological advancement. He leverages his celebrity status to draw attention to a critical issue, hoping to arm viewers with knowledge that could protect them from potential financial ruin.
As the crypto landscape continues to evolve, McKenzie’s film stands as a cautionary tale. With prices fluctuating and new ventures emerging, the seductive promise of immense profit must be tempered by a recognition of the underlying risks. Ultimately, his journey reflects a broader societal need to grapple with the implications of these financial innovations, reinforcing the idea that while technology can enhance capitalism, it must also be held accountable to protect individuals from exploitation.
As his documentary prepares for wider distribution, McKenzie aims to further amplify awareness around cryptocurrency, advocating for more rigorous oversight and consumer protections. His experiences remind us all to approach investments with a discerning eye, particularly in an arena as nebulous as cryptocurrency, where the stakes can be painfully high.
