SHOW / EPISODE

Crypto Winter: 2022 Edition

Season 1 | Episode 8
33m | May 24, 2022

A lot of people just lost a lot of money in the cryptocurrency and NFT market.

It’s pretty bleak in a lot of sectors right now. Inflation is out of control globally. Gas prices are at an all time high, though in America it’s not nearly as high as many places overseas that depended on Russian oil, and food prices have spiked. For those playing the stock market, tech stocks have crumbled. Coinbase in particular is down $51 billion in valuation.

And for those who were hedging their investments with cryptocurrency, they felt the pain too. Bitcoin is down 53%. Ethereum’s co-founds says he’s no longer a billionaire after the crash. And for those poor, poor souls that invested in the now-ironically named stablecoins from Terra including the popular Luna, that went to zero.

Ouch.

But what about NFTs? Let’s just say many are on sale. And that’s not a good thing for collectors. Let me explain.

Let’s say you have a Bored Ape that’s worth 100 Ether. If Ether is at $4,800, its peak, that means your ape is worth $480,000. But at the time of this writing Ether is at around $2,000, meaning your ape is worth $200,000. Add that to the falling price of ApeCoin and you’re seeing a lot of boredom turn to depression.

But as Jonathan Sacks once said ‘When others are selling, buy. When others are buying, sell.”

I don’t want to offer any financial advice as I’m not much of a gambler, but I wanted to wrap my head around what this bear market, often dubbed a crypto winter, means for the crypto and NFT markets.

So I turned to my friend Seth Shapiro, a two-time Emmy winner, a former governor at the Television academy, and one of the first guys that got me into both crypto and NFTs well before they were household topics. He’s spent the past few years advising companies in these spaces and works as a trader, so he’s looked at all angles of this topic.

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