On Super Bowl Sunday, a Crypto.com ad featuring billionaire NBA star LeBron James lit up millions of Americans’ TVs. “If you want to make history, you gotta call your own shots,” Mr. James said in the 30-second spot for the popular cryptocurrency-trading platform. The words that splashed across the screen as the commercial ended read “Fortune favors the brave.” Last week, Crypto.com laid off 5% of its workforce as its chief executive officer said on Twitter that the company was making “difficult and necessary decisions.” The cryptocurrency industry was built in part on swagger, enthusiasm and optimism. Bitcoin backers’ rallying cry to rebuff skeptics was, “Have fun staying poor.” Those who didn’t buy in were letting the future pass them by. At times, crypto has looked like a combination of Beanie Babies, dot-com stocks and the Velvet Underground: It is manic, it is money, and all the cool people are into it. It has also shared characteristics with other bubbles throughout history, marked by speculation bordering on delusion, disregard and disrespect for risk, and greed.
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