Bitcoin
A farewell for now – and some thoughts on the state of crypto
Happy Friday. It’s been almost two years since we relaunched the Fortune Crypto newsletter, gave it a new name and switched to a daily format. And what a two years it has been. Our daily chronicles began with the final scream of a previous crypto bubble, which turned into a recession and then a full-blown catastrophe with the industry’s biggest names — Celsius, BlockFi, FTXThree Arrows—went bankrupt and scandalous.
In late 2022, I was tempted to change the name of the newsletter to Fortune Crime, as those once hailed as visionaries were exposed as crooks and con artists and sent to prison. The high (or perhaps low) point of this era was the Sam Bankman-Fried trial, covered so ably by Leo and Ben Weiss. My own favorite memory from this period was being berated by a crisis PR firm who objected to my calling the Bankman-Fried clan “anegligible” and insisting that they are “really nice people.” At least someone thinks so.
By mid-2023, the industry was in the depths of crypto winter, as even many longtime believers began to silently ask whether it was time to shut down this blockchain-to-AI thing. And then, lo and behold, everything changed again. As has happened three times in the past, the crypto industry has grown again and become richer than ever, fueled by an influx of capital from Wall Street and the launch of Bitcoin ETFs. Somewhere along the way, Coinbase CEO Brian Armstrong and other crypto OGs who had long shunned the ways of Washington, D.C., learned to play its game and are now a fearsome political force.
It was quite a trip. Through it all, I’ve maintained the same love for crypto as when I first encountered it in Manhattan’s Union Square Park in 2013, when the best way to get Bitcoin was to buy it at open-air markets. I’m grateful as ever for the technological ingenuity, over-the-top meme culture, and most of all, the wild cast of characters the industry continues to spawn. Whatever you think about crypto, it’s a lot more fun to cover than conventional sectors like pharmaceuticals or insurance.
It’s also been a pleasure for Leo and I to have such a knowledgeable collection of readers, many of whom have taken the time to write to us with praise, suggestions, and, yes, the odd stream of profane abuse. We wouldn’t have it any other way. But the thing about daily newsletters is that they’re a tough commitment — requiring someone to come up with a new angle every day and spend many nights scrambling for ideas. To that end, we’re shutting down the newsletter for now to recharge and do more original reporting on the biggest stories in crypto. Thanks everyone for reading. Please reach out anytime with tips and ideas starting in mid-July — after I get back from a much-needed vacation.
The story continues
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
This story was originally featured in Fortune.com