Death of a Crypto Company

Born in response to the 2008 financial crisis, cryptocurrency was supposed be a form of money that eliminated the traditional gatekeepers who had overseen the tanking of the economy.

But a crash in value recently has raised questions about cryptocurrency’s central promise.

Guest: David Yaffe-Bellany, a reporter covering cryptocurrencies and fintech for The New York Times.

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Background reading: 

• No one wanted to miss out on the cryptocurrency mania. A global industry worth hundreds of billions of dollars rose up practically overnight. Now it is crashing down.
• Celsius Network was managing more than $20 billion in assets. Last month, it became the latest crypto venture to spiral into a crisis.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.