In an interview with Vice, Olson stated he followed the rise of Bitcoin hearing claims that it would reach mass adoption, though after using it, he believed that cryptocurrency was not functional and that it is only viable because its price kept on increasing over time.

He later became skeptical of new developments in crypto technology viewing them as overpromising and this drove feelings of frustration and anger which led to him making the video.

Olson stated he started writing the video in April 2021, only to shelve it until the fall of 2021 because of rapid developments during this period, which made his written material quickly obsolete.

[1] After the video essay's release it trended on Twitter[3] and several media outlets such as NPR and The Verge interviewed Olson for his expertise on NFTs and cryptocurrency.

José Sarmiento said it was the best video essay of the year; Jason Mittell reviewed that it was prescient, comprehensive and "utterly captivating and convincing" but questioned whether its length was necessary.