The crash of bitcoin and other cryptocurrencies was dreadful news for investors, As the lead crypto bitcoin (BTC) fell from $35,502.94 to $28,936.73 on 12 May, and The stablecoin TerraUSD (UST) crashed this week and lost its $1 peg (€0.96) to the dollar. TerraUSD was on high rank and peaked at almost $120 (€115.28) last month.
It is also ruining Matt Damon’s reputation as a nice guy or movie star. He is being dragged for the reason of supporting cryptocurrency, as people on social media are trolling the actor for his appearance in the Crypto.com advertisement.
So by this, he is feeling the heat of the market crash, which is fueling the hate.
However, many other celebrities have recently marketed cryptocurrency by doing commercials in which they appear as investors to lure the average consumer into participating in the industry, including Tom Brady and his wife Gisele Bündchen, Damon, David, and James.
For example, In February, Larry David appeared as part of a campaign with cryptocurrency platform FTX in a spot titled “Don’t Miss Out,” it was an eye-catching crypto commercial that was telecasted during the Super Bowl. Thus, the commercial seemed like crypto deniers would be considered as severely by history as those who opposed the fork or the wheel.
And in December, Witherspoon tweeted that “crypto is here to stay,” and encouraged more women to be a part of it. Also, other crypto supporters publicly advertised crypto via social media posts or other announcements, including D’Amelio, Foxx, Hilton, Kardashian, Kutcher, and Paltrow.
But when the price of bitcoin dropped this week, obliterating more than $200 billion in wealth in just 24 hours, and has erased more than $1 trillion worth of digital money since November. Everyone’s eyes are on celebrities who promoted crypto to encourage them to invest in it, but they have not yet commented on it.
According to NBC News, they contacted representatives for Damon, Larry David, Charli D’Amelio, Jamie Foxx, and others. Still, they didn’t reply to their emails, and Kardashian’s publicist refused to comment.
The founder and CEO of Fabric Media, Jason Damata, told NBC News, “When a celebrity puts their name on a brand in a marketplace where there’s literally hundreds of choices, it helps the consumer hone in, and they’re lending their trust to the product.”