While the collapse of bitcoin and other cryptocurrencies is bad news for investors, it’s also bad news for Matt Damon and his image as a decent man in movies.
The Martian actor is getting mocked on Twitter over a now-infamous 60-second TV ad that aired earlier this year between NFL playoff games and the Super Bowl, pushing people to invest in cryptocurrency. Damon lauded bitcoin investing as the next great human achievement, as game-changing as the Wright Brothers inventing human flight or astronauts landing on the moon.
“Fortune favours the brave,” Damon loftily said in the ad, while walking along a minimalist corridor right out of a science fiction film, with glimpses of some of the world’s greatest explorers emerging on each side
Damon was slammed on Twitter Thursday for being a multimillionaire who tried to sell average people on the concept of risking their wealth with investments in “wholly fictitious assets,” just as he was when the commercial first aired.
The Intercept’s investigative reporter Ken Klippenstein slammed Damon back then and now for likely earning millions to make the ad. In January, Klippenstein tweeted:
According to Forbes, CNBC, and other publications, bitcoin and other cryptocurrencies collapsed overnight Thursday, plummeting to levels not seen since the crypto market began soaring in late 2020. The catastrophe wiped out $200 billion in a single day and nearly $1 trillion in a month.
According to CNBC, investors have been fleeing cryptocurrencies in recent months, at a time when stock markets have also fallen on fears of inflation and a poor US economic outlook.
In the midst of such turmoil, Crypto.com evidently believed that consumers would listen to financial advice from a likable celebrity like Damon. Crypto.com creates software that makes buying and selling bitcoin and other cryptocurrencies easier.
The hero of “The Bourne Identity” isn’t the only celebrity to promote cryptocurrency. Kim Kardashian, Stephen Curry, Tom Brady, Spike Lee, Alec Baldwin, and Neil Patrick Harris are just a few of the celebrities that have done so.
However, Damon’s widely publicized and criticized “Fortune Favors the Brave” commercial sparked debate among business journalists and other experts about the growing link between fame and bitcoin. Authors Jacob Silverman and Ben McKenzie discussed their investigation into the rising practise of employing celebrities to promote bitcoin for an upcoming book on Slate’s “What Next: TBD” podcast.
They noticed that some celebrities may not fully comprehend what they are endorsing, according to them. Despite this, the celebs accepted the money, which Silverman and McKenzie found “disappointing” and “surprising,” given that celebrities are notoriously protective of their brands and images when it comes to endorsing a product.
McKenzie believes that celebrities should be held accountable for their actions when promoting cryptocurrency. “Wouldn’t it bother you if your supporters lost money as a result of your lousy financial advice?” McKenzie explained.