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Jack Goodz/AFP via Getty Images
Jack Goodz/AFP via Getty Images
Apply to become Planet Money and The Indicator Internship Fall/Winter 2022.
Times are changing. A year ago, it looked like cryptocurrencies were going mainstream. As cryptocurrencies found their way into retirement portfolios, celebrity TV ads promoted them as future-proof investments, prices soared, and people made fortunes… and then lost them.
That all changed in 2022. After a series of bankruptcies of prominent crypto lenders and questions about the industry’s potential viability, cryptocurrencies entered a bear market (which investors dubbed “crypto winter”), wiping out nearly five years of gains so far. In just a few months, many retail investors who bought cryptocurrencies saw their investments wiped out virtually overnight.
Does this have an impact on the rest of the economy? Will this crash spread?
On today’s show, we’ll bring you two stories from the front lines of the crypto winter from Planet Money’s The Indicator. We’ll assess the damage the crypto crash has done to individual investors and the market as a whole. We’ll also take a look at why cryptocurrencies are particularly attractive to Black investors.
music: Fashionable intentions, Sunny summer skin& Monschau
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