On October 28, 2021, one year ago, cryptocurrency exchange Crypto.com launched an ad featuring Matt Damon promoting cryptocurrency.
“Wealth favors the brave!” The ad appeared at the height of the cryptocurrency race and was also shown during this year’s Super Bowl in February, but it has since disappeared from television and received a lot of negative press after Damon claimed that cowards would not only buy cryptocurrency but dive in. In the brave astronaut from the bottom of the heart.
A year ago, Bitcoin (BTC), the most prominent cryptocurrency, was trading at $60,608 on October 28, 2022. At press time, the price of one Bitcoin is $20,157 according to CoinMarketCap data, which is a drop of -66.74%. , which means an investment of A$1,000 will now be worth $340.
Meanwhile, the second largest asset by market capitalization, Ethereum (ETH), traded at $3,924 a year ago and is now trading at $1,498, down 61.82%.
Crypto market crash
By 2022, the value of Bitcoin and Ethereum has fallen by about 60% from their highs. Since then, the cryptocurrency industry has seen a series of bankruptcies from hedge funds and lenders, such as Celsius Network, Voyager Digital and Three Arrows Capital, and companies such as Blockchain.com, Coinbase and Crypto.com. .
As a result of the downturn in the cryptocurrency market, Damon’s announcement has been ridiculed around the world, and it seems destined to be remembered as one of the most exciting targets in the pages of advertising history.
Crypto.com likely knew about this, so they took the cautious step of making YouTube advertising private. However, Archive.org lets you take a look at it.
As the volatility continues, celebrities have faced criticism for their silence. Some of the criticism stems from celebrities’ failure to warn investors about the sector’s risks.
Finally, Coinphony reported in August that crypto commercials featuring actor Matt Damon, Tampa Bay Buccaneers quarterback Tom Brady and professional basketball player LeBron James have now noticeably disappeared from television.
One year later: Bitcoin investors have lost more than 60% since Matt Damon’s Crypto ad first appeared on Coinphony.