People who were convinced to invest money in Bitcoin or other cryptocurrencies through ads featuring Matt Damon will have much less now than the day they invested.
From its near-record high around the time of Damon’s famous “fortune favors the brave” Crypto.com ad, the price of Bitcoin and other cryptocurrencies has plummeted and hit a low not seen since December 2020. On Monday, it fell below the $23,000 mark for the first time in years. The decline of Bitcoin has had an impact on other cryptocurrencies such as Ethereum, Tether, BNB, Dogecoin, and Cardano, all facing gradual declines.
Celebrities endorsing cryptocurrencies is a new phenomenon, but one that has gained momentum with famous people like Damon, Kim Kardashian, Jake Paul, and most notably Elon Musk all supporting the concept.
Damon’s appearance in the Crypto.com advertisement in October 2021 was seen as a turning point for cryptocurrency as a whole, debuting with a flashy ad that aired on television and online.
The value of Bitcoin and other major cryptocurrencies has faced a gradual decline ever since, and anyone who was convinced to invest by Damon will curse their decisions today.
This is what an investor will have lost since Damon promoted cryptocurrency exchange Crypto.com.
How much has Bitcoin fallen since Matt Damon hyped it?
Damon’s Crypto.com ad first aired on October 28, 2021 when the price of Bitcoin was $60,622.14. At the time, Bitcoin also had a total market capitalization of $1.14 trillion.
While there was a slight increase in its value in the days after the announcement went live, Bitcoin’s current price is a shell of its former self. As of Tuesday, June 14, it has a value of $22,404.78. The current market cap is $68.02 billion.
Anyone who invested on the day Damon’s announcement went live and held onto their investment throughout this time will have seen a 63.04 percent loss. Anyone who wants to recover the full value of their initial investment would need the price of Bitcoin to increase by 170.58 percent.
To put this in context, if you invested $1,000 in Bitcoin on October 28, 2021 and didn’t touch the investment from there, that Bitcoin would now be worth $369.80.
Writer Jon Schwarz was one of the first to point out the fall from grace. On twitter, as her review garnered over 30,000 likes, comments, and retweets.
People responded with memes mocking Damon and the ad, while some even pointed out that South Park had already parodied ad
Matt Stone and Trey Parker (the creators of South Park) aren’t the only ones attacking Damon. Even Stephen Colbert and the late show staff attacked him by creating an “updated version” of the Crypto.com ad.
Other Celebrities Affecting Cryptocurrencies
Damon is not the only one accused of affecting the value of cryptocurrencies.
Elon Musk’s appearance in saturday night live it did not have the desired effect for his currency of choice, Dogecoin. During a sketch in weekend update where Musk’s character admitted that the cryptocurrency was “a scam”, the price of Dogecoin fell by 40 percent in the following hours.
Some celebrities have also been sued for their involvement in promoting various cryptocurrencies. In January, Kim Kardashian and Floyd Mayweather were named in a class action lawsuit and accused of using their fame to promote EthereumMax, which was allegedly part of a larger scheme to defraud investors.
Another lawsuit has been filed against celebrities promoting the Safemoon cryptocurrency. This included the likes of Jake Paul, Soulja Boy, Lil Yachty, and Nick Carter.
Dozens of celebrities are now also involved in promoting NFT with the participation of Brie Larson, Jimmy Fallon, Serena Williams, Ozzy Osbourne and Reese Witherspoon.