Four Corners: May 30

“Crypto Mania”, looking behind the hype of cryptocurrencies, reported by Stephen Long, will screen on Four Corners on Monday.

“Crypto really is the perfect thing for the times…It is the ultimate ‘chasing the dream’, it is the ultimate embracing of celebrity, it’s the ultimate embracing of ego, all wrapped up in a financial product. That is powerful.” Lawyer

Cryptocurrency is the hottest financial product in the world. The hype is everywhere, with forms of the digital currency endorsed and advertised by celebrities daring you to invest in this brave new world.

“It is the future of commerce right now and it’s happening, and people are being left behind.” Crypto “visionary”

On Monday, Four Corners investigates what lies behind the slick marketing and big promises to examine if it’s a fad, a fraud or the future.

“It took me two months to become a millionaire.” Crypto investor

It’s billed as more than a mere form of financial exchange. Emerging out of the ashes of the global financial crisis, crypto is sold on the promise of liberating people from the big banks and big tech.

“Crypto to the younger generation represents a revolution in the way we see money. The younger generation lacks a lot of trust in the government and banks and the way they run things, I feel like crypto is almost a freedom for us.” Crypto investor

Despite wild booms and crashes, the crypto evangelists are adamant that cryptocurrency and the tech it’s built on are the wave of the future.

“From payments, to gaming, to financial infrastructure, to lending, the sky is the limit.” Crypto exchange managing director

Not everyone is convinced by the glossy ads and bold claims.

“It has no real value aside from the shared delusion, that it’s worth something.” Software engineer and crypto critic

Critics warn that there are major risks for the unwary investors.

“There’s no doubt some people have lost a lot of money. What we’ve seen is taxi drivers, Uber drivers, mum and dads getting involved in something that is highly, highly speculative, and on a global scale that I don’t think we’ve ever seen before.” Fund manager

And the lack of regulation opens up avenues for significant crime.

“It’s the wild west because it is unregulated and that creates opportunities for people who want to engage in fraudulent or illicit conduct…there are many opportunities for people to lose their money.” Lawyer

From Melbourne and Brisbane to London, New York, Washington DC and Las Vegas, the program talks to leading players in the world of crypto and it’s a cautionary tale.

“You can say to me, ‘Okay, boomer. That’s just your view.’ Or ‘You need to do the research’ or ‘You just don’t get it.’ But to me, the emperor has no clothes.” Frmr head of the US Office of Internet Enforcement

Monday 30th May at 8.30pm on ABC.