In a revelatory appearance on The Daily Show, actor-turned-author and skeptic Ben McKenzie delved deep into the pitfalls of cryptocurrency. Better known to many as Ryan Atwood from The OC or Jim Gordon in Gotham, McKenzie has leveraged his undergraduate degree in economics and a pandemic-induced obsession to launch a full-throated critique of the multi-billion-dollar crypto market. His documentary, Everyone Is Lying to You for Money, and a companion book aim to peel back the industry’s veil and expose its numerous contradictions, scams, and failures.

The Spark: Economics Meets Skepticism

McKenzie revealed on the show that his journey into crypto criticism was born of boredom during the pandemic. A friend suggested he invest in cryptocurrency, but McKenzie—skeptical of the advice based on prior experiences—began asking fundamental questions. “What is cryptocurrency?” he wondered. Despite its billing as a revolutionary form of money, McKenzie realized during his research that it didn’t function like traditional currency and lacked tangible utility. His skepticism deepened as he uncovered what he considers a house of cards fueled by speculative fervor and misinformation.

But why would a Hollywood actor care? For McKenzie, it’s personal. He sees many young men—statistically the most targeted audience for cryptocurrency—being manipulated by a mix of societal pressures, pandemic boredom, and aggressive marketing tactics. When celebrities like Matt Damon cash in on endorsements, McKenzie points out, they are often paid in traditional dollars, not crypto, to persuade the public to "convert" their stable currency into dubious investments. "Matt Damon doesn’t know [expletive] about blockchain," McKenzie quipped, summing up his frustration with star-driven crypto promotion.

The Core Problem: Trust and Regulation

At the heart of McKenzie’s argument is the nature of money itself. "Money is made up," he said, describing it as a social construct based on trust. What separates fiat currency, like the US dollar, from cryptocurrency, he argued, is regulation and accountability. Dollars work because there’s broad trust not in an individual, but in a system underpinned by transparent governance. Contrast this with cryptocurrency, which proposes that trust can be replaced entirely by computer code.

However, as McKenzie sharply noted, "Code does not fall from the sky. People write code." The industry’s promise that "the code is law" is deeply flawed, he argued, pointing to the high-profile fraud associated with Sam Bankman-Fried, the founder of FTX. Bankman-Fried, now serving a 25-year prison sentence for fraud, allegedly altered just a single line of code to siphon off users' funds—a stark reminder of crypto's vulnerabilities.

McKenzie also reminded audiences of the legal gray area in which cryptocurrencies operate. Despite many crypto transactions and investments fitting the legal definition of securities, the industry has fought ferociously to avoid regulation. "Securities laws are predicated on disclosure," he explained, arguing that proper oversight would force companies to inform users about where their money is going—something crypto companies are reluctant to do.

Crypto’s Connection to Criminal Activity

McKenzie didn’t hold back when discussing crypto’s links to criminal enterprises. He raised concerns about individuals like Jeffrey Epstein, the disgraced financier and convicted sex offender, who secretly funded Bitcoin development through the MIT Media Lab in 2015. Furthermore, McKenzie pointed out that a figure thought to be closely tied to Bitcoin's pseudonymous founder, Satoshi Nakamoto, is the CEO of a company implicated in Epstein’s funding. These connections, he argued, illustrate how deeply intertwined crypto is with figures of questionable ethics.

A Male-Dominated Marketing Machine

Crypto’s cultural emergence, McKenzie argued, was no coincidence. The pandemic created the perfect storm: young, predominantly male demographics, often stuck at home and inundated by marketing messaging designed to exploit their risk-taking tendencies. With ads filled with vague challenges to one’s masculinity—"What are you, a coward? Buy crypto," McKenzie joked—companies made a concerted effort to prey on male insecurity. McKenzie found this deeply exploitative, particularly since men are statistically less likely to share feelings of failure or seek help after financial losses.

Through interviews in his documentary, McKenzie spoke with average investors who, despite losing significant amounts of money to scams such as the Celsius platform, maintained an almost unshakable belief in the promise of crypto. This blind faith, McKenzie argued, speaks to the manipulative brilliance of the industry. By shifting responsibility onto users with slogans like "Do Your Own Research," crypto companies absolve themselves of blame while reinforcing a shame-based silence among their victims.

A Call for Regulation, Not Prohibition

McKenzie clarified that his mission isn’t to ban cryptocurrency outright. Instead, he is calling for stricter oversight to protect consumers from scams and misinformation. Regulation, as he proposed, would ensure transparency, holding players accountable for their claims and actions. "If you want to gamble on crypto, fine," he said, "but the criminals should go to jail."

He also emphasized how the industry’s own opposition to regulation reveals its priorities. By pushing back against being categorized as securities, crypto companies are avoiding the full weight of accountability under US securities laws. This refusal, McKenzie argued, underscores how far the industry will go to maintain opacity—and profits.

Final Thoughts: "It’s Not You, It’s Them"

For those wondering whether to jump into crypto, McKenzie had a simple message: most people are better off staying out. With only about 5% to 6% of the population heavily involved in crypto and another 10% dabbling, the vast majority of Americans have wisely chosen to avoid the industry’s dubious promises. "They’re lying to you for money," he said bluntly, appealing to viewers’ common sense.

McKenzie’s documentary, Everyone Is Lying to You for Money, is now playing in select theaters, offering a more in-depth look at the fraudulent promises and murky dealings of the cryptocurrency world. By combining rigorous economic analysis with the accessible storytelling of a Hollywood veteran, McKenzie hopes to arm viewers with the knowledge needed to navigate—and resist—the siren song of digital currency.