When Clara Molot was beginning to work on this story, it was mid-fall and the value of crypto was nearing a peak. When she updated me on her reporting in the office, major players in the industry were not just on board but excited about their chance at what they felt was a victory lap, a story that would finally show them in a serious and dominant light after years of the public thumbing its nose at caricatures of the “crypto bros.” And then the market began to slide, and the further the value of crypto fell, dragged down by the plummeting value of Bitcoin and Ethereum, the more conversations began to cool, with the panic setting in. By January, we were in the dead of winter—the coldest one in recent memory, at least in New York—and the industry had entered a winter of its own. And so Molot followed the story that was unfolding before her—while some people lost millions in a matter of weeks and (reasonably) freaked out, others doubled down. It was the latter group of digital millionaires and billionaires that she spoke to, whose members consider themselves crypto’s true believers. Read about why they’re not backing away, even now.
In other news, check out a recap of what you didn’t see on TV at the Oscars; the stars who transformed between the ceremony and the Vanity Fair celebration; our winter cover star, Teyana Taylor, on her season of styling herself for the carpets; and Demi Moore on preparing for her return to the Oscars. And if, like me, you haven’t fully caught up on all the winning films, give yourself some grace (we have a guide on where to watch them below).
