The multi-trillion dollar industry has received practically everything it dreamed of over the past year: an influx of new funds from mainstream investors, industry-approved bipartisan legislation in Congress, a regulatory apparatus that works like a charm, and, importantly, the full and unconditional support of the President of the United States. Despite this, the crypto sphere is going through difficult times: Bitcoin has collapsed by 30% from its peak in early October, which is a much sharper drop than in the broader stock market. The illustrative photograph, taken on November 22, 2025, shows a gilded souvenir Bitcoin coin reflected in a mirror and positioned for a shot against a computer screen displaying a monthly chart of Bitcoin prices, in a residential setting in Guildford, south of London. The value of Bitcoin has fallen sharply since reaching record highs last month, exceeding $126,000 in early October. Why the crypto market is collapsing One of the industry’s most vocal critics is actor and writer Ben McKenzie, who last week premiered his documentary “All the Money Lies to You” at the DOC NYC New York Film Festival. On Friday, I (virtually) spoke with McKenzie, known for series like “The O.C.” and “Gotham,” to discuss the market crash and the timely premiere of his film in New York. This conversation has been edited for brevity and clarity. CNN: Given all the institutional support for the crypto industry, I’m curious why we are still seeing such volatility? Ben McKenzie: I think there are a few possible reasons. The first is that the economy is slowing down. And if you consider crypto assets to be essentially nothing, just computer code, it serves as a kind of barometer for the most speculative part of the market. It’s like a canary in a coal mine—when the crypto market drops sharply, it can be a sign that the overall economic situation is deteriorating. Another reason is that the rise in cryptocurrency prices was fueled by companies buying up Bitcoin as part of their corporate strategy—MicroStrategy (now renamed) is the most prominent example. But the company is struggling, its stock (MSTR) is down about 40% in a month, and people fear it might have to sell its Bitcoins. Another problem in the crypto sphere is that people take on huge leverage to increase their crypto bets. And when the price falls and the process of deleveraging begins, everything collapses as fast as it rose, if not faster. And this is what worries me right now—the numbers are getting bigger and bigger. But the volatility is not going away. CNN: You openly state that cryptocurrency is inherently a scam. What do you say to crypto enthusiasts who argue that, despite the volatility, if you had invested almost any time in the last 10 years, you would have made huge profits? McKenzie: You are saying that if you had entered this thing, which I and others have called a Ponzi scheme, early on, you would have done well. To which I respond: right. Yes, good for you. But that’s not exactly the argument supporters are trying to make. Ultimately, it comes down to what I constantly say: crypto assets—because they have no underlying asset—are a zero-sum game. At best, your profit comes at someone else’s expense. There is a moral aspect here that goes far beyond our discussions about investment profits alone. The scale of crime that the crypto sphere facilitates is truly staggering. We’re talking about billions of dollars in money laundering, lobbying, and terrorist financing. So, is it worth it for some to win while everyone else loses? In my opinion, the answer is no. CNN: Looking ahead, what, if anything, keeps you up at night regarding the trajectory we are on with cryptocurrency? McKenzie: I had a bad feeling when Trump endorsed cryptocurrencies last summer, and an even worse one when he was elected, and honestly, I was shocked by how much fraud is happening around it. But my mood has improved a bit lately… His approval ratings are starting to fall. The market is starting to drop. The economy is slowing down. And, you know, if you look at the experience of other countries and other collapses of unpopular leaders, he’s in for a rough time. CNN: You’ve been something of a crypto Cassandra for several years, and I wonder if you plan to stay in that niche or expand into other areas of speculative market hype? In case it’s not obvious, I mean AI… Is a second part of “Easy Money” planned? McKenzie: I’m definitely being drawn to the AI track, which is much wider right now. There’s a phenomenon called the “grift shift”—it’s an age-old tactic of scammers: sell something that doesn’t quite work yet, but will be amazing in the future. It worked for crypto assets, and certainly, that’s the message for AI too. I must say that I am not a fan of where AI is heading as such, but defending AI in a limited sense, there is a real thing happening there that has a function in the real world, rather than being gambling and crime.
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