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Friday, May 20, 2022

Matt Damon’s Crypto Ad Is Responsible For Losing People’s Money

While the crash of bitcoin and other cryptocurrencies is terrible news for investors, it is also a worrying development for Matt Damon and his reputation as a good boy movie star.

The “The Martian” actor is being roasted on Twitter for the now infamous 60-second TV ad shown during NFL playoff games and the Super Bowl earlier this year, encouraging people to invest in cryptocurrency. Is. Damon hailed people’s investment in cryptocurrency as the next great human endeavor, as the game has historically been changing since the Wright Brothers invented human flight or astronauts landing on the Moon.

“Fortune favors the brave,” Damon said lofty in the ad, while strolling down a minimalist hallway straight out of a science fiction movie, with visions of some of the world’s greatest explorers strewn all over.

As soon as the ad first ran, Damon burst onto Twitter on Thursday for being a multi-millionaire who tried to sell off regular people at the idea of ​​risking his savings with investing in “completely artificial assets” .

Then and now, The Intercept investigative reporter Ken Klippenstein reprimanded Damon for probably earning millions to create the ad. Klippenstein tweeted in January:

Klippenstein followed on Wednesday:

Another Intercept writer, John Schwarz, pointed out how much money people could potentially lose if they were moved by Damon’s TV ad, which premiered in late October.

Bloomberg reporter Jason Schreier said Damon used his reputation as a smart, decent, trustworthy star to essentially promise that investing in cryptocurrencies would bring wealth. Instead, “billions and billions of dollars” have been “going poof” in recent weeks.

Bitcoin and other cryptocurrencies crashed overnight on Thursday, falling to levels not seen since the crypto market began to rise in late 2020, Forbes, CNBC and other outlets reported. The crash wiped out $200 billion in a single day and nearly $1 trillion in value in a single month.

CNBC said investors have been running away from cryptocurrencies in recent months, at a time when stock markets tumbled over fears of inflation and a deteriorating economic outlook in the United States.

In the midst of such volatility, the company Crypto.com apparently thought people would seek financial advice from a qualified star like Damon. Crypto.com makes an app that facilitates the buying and selling of bitcoin and other cryptocurrencies.

The “Born Identity” star is not alone among celebrities selling digital currency. So are Kim Kardashian, Stephen Curry, Tom Brady, Spike Lee, Alec Baldwin and Neil Patrick Harris, among others.

But Damon’s widely publicized – and joked – “Fortune favors Brave” ad sparked discussions among business journalists and other experts about the deep connection between celebrity and cryptocurrency. In an episode of Slate’s “What Next: TBD” podcast, authors Jacob Silverman and Ben McKenzie talk about how they see the growing practice of hiring celebrities to promote cryptocurrency for an upcoming book .

He said he has learned that some stars may not fully understand what they are promoting. Still, celebrities took the money, which Silverman and Mackenzie found both “disappointing” and surprising, noting that stars are usually very protective of their brands and images when it comes to attaching their names to a product. Is.

McKenzie said that celebrities should be obliged to reflect on what they are doing when they use cryptocurrency. “Wouldn’t you mind if your fans lost money because you gave them bad financial advice?” McKenzie said.

On Thursday, people on social media were certainly wondering if Damon felt bad about pushing cryptocurrencies. One person tweeted that the crypto crash is not funny because some people could be seriously hurt by following Damon’s lead.

But some speculated that maybe Damon didn’t feel so bad.

Others still joked.

Still others suggested that the position offers some important lessons on the riskiness of certain markets and why people should not seek financial advice from celebrities:

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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