During a recent episode of “Real Time” on HBO, Ben McKenzie, former star of “The O.C.” and passionate critic of the cryptocurrency industry, didn’t hold back as he discussed the impact of cryptocurrency and the controversial $TRUMP meme coin with host Bill Maher.
McKenzie, who has been actively voicing concerns about cryptocurrency’s pitfalls, emphasized the disparity between insiders and the general public when it comes to financial gains. “The insiders always win, and the general public always loses on average,” he stated, highlighting the troubling dynamics of the crypto market.
Engaging with Maher, McKenzie pointed out the alarming fact that only a handful of individuals may be profiting from the meme coin initiative associated with Donald Trump. “You said it could be as little as 20 individuals who are really profiting from this. And everybody else, I mean, millions of people have lost their shirt,” he remarked, suggesting that the cryptocurrency industry operates as an “insider-trading scam.”
Maher echoed this sentiment, describing the situation as “just that on steroids.” The discussion turned particularly critical when McKenzie noted the drastic decline in value of the $TRUMP coin, which he stated was down by 96%. He described how followers of Trump bought into the coins only to find the value plummeting after the initial hype, while top investors enjoyed perks like exclusive dinners with the former president.
McKenzie further expanded on his long-held skepticism about the cryptocurrency sector during his testimony before the Senate Banking Committee in 2022, labeling it as “the largest Ponzi scheme in history.” He cautioned that the fraud potential within cryptocurrency might outstrip even the infamous Ponzi scheme orchestrated by Bernie Madoff.
Having co-authored a book titled “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud,” McKenzie illustrated his ongoing alarm over the industry’s trajectory. He recalled that he and his colleague Jacob Silverman had begun warning celebrities about the dangers of endorsing cryptocurrencies just before the market peaked in November 2021. Since that time, McKenzie claimed the market has lost around 70-75% of its value, a staggering statistic that reflects the volatility and risk inherent in the cryptocurrency landscape.
As the conversation on the show underscored, McKenzie’s warnings resonate amid a growing skepticism about the sustainability and ethics of digital currencies, leaving many to question the true beneficiaries of this financial phenomenon.
