May 17, 2022

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Cryptocurrency crash losses are high if you listen to Matt Damon

Cryptocurrency crash losses are high if you listen to Matt Damon

  • Celebrities started selling cryptocurrencies in earnest last fall as Bitcoin hit record highs.
  • But if you invest at that time, you will see losses of more than 50% right now.
  • Cryptocurrencies fell for a second day Thursday after the collapse of a major stablecoin.

If you’ve ever turned on your TV in the past six months or so, you’ve likely seen celebrity cryptocurrency.

And if you’re among those swayed by their endorsement, you’re going out hundreds, if not thousands of dollars right now.

Celebrities have been steadily jumping on the crypto craze for years, but it wasn’t until last fall that they began appearing in high-profile ad campaigns promoting cryptocurrency exchanges. In September, Tom Brady and Gisele Bundchen appeared in $20 Million Campaign for FTX Cryptocurrency They contacted people in their contacts — everyone from a surgeon to a dog walker — to persuade them to start investing on the platform.

Then, famously, Matt Damon joined the party with a very bad ad for Crypto.com in which he compared investing in cryptocurrency to being brave enough to travel to outer space.

By the time the Super Bowl rolled around, commercial breaks were dominated by crypto ads. Larry David and LeBron James They star in ads of their own. David’s FTX Announcement It was built on the premise that if you don’t start investing in cryptocurrency, you’ll discard something as genius as the invention of the wheel.

So, how much money would you have lost if you listened to the likes of Brady or Damon?

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Well, if you invested in bitcoin on October 28 when Damon’s ad first came out, more than 52% of your investment will now be eliminated. Which means, like Jon Schwartz from The Intercept’s He explained on Twitter that if you had bought $1000 worth of bitcoin at the time, you would have around $526 at the moment.

Those who invested after the Super Bowl, happened with 208 million viewers, We’re seeing a smaller drop in the staggering crash right now – about 30% – but nonetheless it has been wiped out.

Distinguished on Thursday The second day of the cryptocurrency turmoilWith bitcoin dropping to its lowest levels since December 2020, other major altcoins — such as ether, solana and cardano — are down as much as 30%. The sell-off comes after TerraUSD, a major stablecoin that is supposed to maintain the same value as the US dollar, fell below $0.30, shaking investor confidence amid a broader period of turmoil in the stock market.

Bitcoin, which hit a record $69,000 in November, fell below $26,000 Thursday morning, while ether, the second-largest cryptocurrency by


market cap

dropped to under $1,900, according to CoinMarketCap.