Crypto crash losses high if you’ve been listening to Matt Damon

Crypto crash losses high if you’ve been listening to Matt Damon

  • Celebrities started selling crypto in earnest last fall as Bitcoin hit record highs.
  • But if you had invested then, you would now be seeing losses of over 50%.
  • Cryptocurrencies plunged on the second day Thursday following the collapse of a major stablecoin.

If you’ve turned on your TV at any point in the last six months, chances are you’ve seen a celebrity haggling crypto.

And if you’re one of those influenced by their endorsements, you’d be missing out on hundreds, if not thousands, of dollars right now.

Celebrities have been steadily jumping into the crypto craze for years, but it wasn’t until last fall that they began appearing in high-profile advertising campaigns for cryptocurrency exchange platforms. In September, Tom Brady and Gisele Bundchen appeared in a $20 million campaign for crypto exchange FTX, in which they called people in their contacts — from surgeons to dog walkers — to convince them to get on the platform to invest.

Then Matt Damon famously joined the party with a much-maligned ad for, in which he compared investing in cryptocurrencies to being brave enough to travel into space.

As the Super Bowl rolled around, crypto ads dominated commercial breaks. LarryDavid and Lebron James starred in their own ads – David’s FTX ad was based on the premise that if you didn’t start investing in crypto, you would dismiss something as ingenious as inventing the wheel.

So how much money would you have lost if you’d listened to Brady or Damon?

Well, if you had invested in Bitcoin on Oct. 28, when Damon’s ad debuted, over 52% of your investment would have been wiped out by now. Which means as Jon Schwarz from The Intercept pointed out on Twitter that if you bought $1,000 worth of Bitcoin back then, you would have about $526 now.

Those who invested after the Super Bowl, an event that drew 208 million viewers, currently see less of a surprise crash — about 30% — but nonetheless a wipeout.

Thursday marked the second day of cryptocurrency turmoil, with bitcoin falling to its lowest since December 2020 and other major coins — like ether, solana, and cardano — down as much as 30%. The sell-off comes after TerraUSD, a key stablecoin expected to trade at par with the US dollar, fell to less than $0.30, shaking investor confidence at a time of broader stock market turmoil.

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

market capitalization

fell below $1,900 according to CoinMarketCap.

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