The Crypto.com cryptocurrency exchange has been quite aggressive in promoting its services in 2021 by associating its image with that of several celebrities. He notably distinguished himself with an advertisement broadcast in October 2021 in which we can see actor Matt Damon inviting the public to jump on the cryptocurrency bandwagon. Given the fall in cryptocurrency prices, those who had invested in bitcoin following this call now hold assets that have lost more than 60% of their value.
Courageous investors who are no longer smiling
In order to expand its brand image and more easily convince the public to join its platform, Crypto.com has recruited celebrities from several disciplines for its promotion. Matt Damon was thus asked by the exchange to shoot an advertisement with a rather catchy title and which clearly constituted a call for the purchase of cryptocurrencies via Crypto.com. Entitled ” Fortune smiles on the brave the ad was then released on the exchange’s YouTube page on October 28, 2021 and has been viewed millions of times.
On that date, bitcoin was worth $60,808 before continuing to rise to an all-time high of over $69,000 in November 2021. If investors who bought bitcoin after the ad aired were able to earn profits of 13% thanks to this increase, fortune is far from being at the rendezvous for those who have kept their assets. In fact, an investment of $1,000 back then would be worth less than $375 at the current price of BTCi.e. a loss of more than 60%.
The culpable silence of celebrities
Of course, the appearance of celebrities in such advertisements should not be construed as advice on investing in bitcoin or any other cryptocurrency. However, their silence as cryptocurrencies navigate a bear market is hard to get across to the community. This accuses them in particular of not having emphasized the risks associated with cryptocurrencies when promoting them.
Some critics go further by claiming that celebrities were paid in trusts rather than cryptocurrency for lending their image to cryptocurrency companies. If there is no evidence that Matt Damon would have agreed to such an arrangement with Crypto.comthe exchange, however, never disclosed the details of the payment made to the actor.
Although investors are solely responsible for the investments they make, celebrities promoting cryptocurrency have a moral responsibility in this story. The crisis that is currently shaking bitcoin and other cryptocurrencies makes it possible to question their impact on individuals who join the market.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.