While the collapse of Bitcoin and other cryptocurrencies was dire news for investors, it was also a worrying development for Matt Damon and his reputation as a movie star for the good guys.
The “The Martian” actor came under fire on Twitter for his infamous 60-second TV ad that appeared during the NFL playoffs and Super Bowl earlier this year, encouraging people to invest in cryptocurrencies. Damon praised people’s investment in cryptocurrencies as the next great human endeavor, like the Wright brothers who invented human flight or astronauts landing on the moon, changing the game of history.
“Fate favors the brave,” Damon says proudly in the ad, as he wanders the minimalist corridors of sci-fi movies while showing images of some of the world’s greatest explorers.
As when the ad first ran, Damon came under fire on Twitter on Thursday for a multi-millionaire trying to sell ordinary people the idea of risking their savings to invest in “completely man-made assets.”
Then and now, Intercept investigative reporter Ken Klippenstein slammed Damon for possibly making millions to create ads. Crippenstein tweeted in January:
Matt Damon is doing a crypto ad.Jesus Christ, is he out of money? pic.twitter.com/mS3tUgJ6HT
— Ken Klippenstein (@kenklippenstein) January 3, 2022
Crippenstein followed up Wednesday:
Consider how celebrities like Matt Damon must have made a fortune during the pandemic — one of the biggest upward transfers of wealth in decades — and how they still choose to tout cryptocurrencies
— Ken Klippenstein (@kenklippenstein) May 11, 2022
Jon Schwarz, another Intercept writer, pointed out how much money people could lose if they were moved by Damon’s TV ad, which premiered in late October.
If you bought a $1000 Bitcoin ETF in Matt Damon’s “Fate Is on the Brave”! The crypto ad premiered on October 28 last year, and now you’ll have $554. pic.twitter.com/qgeVmGYZw7
— Jon Schwarz (@schwarz) May 9, 2022
Bloomberg reporter Jason Schreier said Damon used his reputation as a smart, decent, relatable star to basically promise that investing in cryptocurrencies would bring wealth. Instead, “billions of dollars” have been “disappearing” in recent weeks.
It took less than a year for NFTs and Metaverse to evolve from the future of the Internet to the latest trend of failure. Billions of dollars *poof*.Just three months ago, Matt Damon promised riches from crypto in a Super Bowl ad pic.twitter.com/ZbN2Yfkwz4
– Jason Schreier (@jasonschreier) May 12, 2022
Bitcoin and other cryptocurrencies tumbled overnight Thursday, hitting their highest levels since the crypto markets began to surge in late 2020, according to Forbes, CNBC and other outlets. The crash wiped out $200 billion in one day and nearly $1 trillion in value in a month.
Investors have been fleeing cryptocurrencies in recent months, CNBC said, at a time when stocks have also fallen on fears of inflation and a worsening outlook for the U.S. economy.
With such turbulent circumstances, the company Crypto.com clearly thinks people will get their financial advice from a likable star like Damon. Crypto.com makes an app that facilitates the purchase and sale of Bitcoin and other cryptocurrencies.
The “Bourne Identity” star isn’t the only celebrity touting digital currencies. The same goes for Kim Kardashian, Stephen Curry, Tom Brady, Spike Lee, Alec Baldwin, Neil Patrick Harris, and others.
But Damon’s widely publicized and derided “Fortune favors the brave” ad has sparked discussions among business journalists and other experts about the deepening connection between celebrities and cryptocurrencies. In an episode of Slate’s “What’s Next: TBD” podcast, authors Jacob Silverman and Ben McKenzie talk about how they see the growing practice of hiring celebrities to promote cryptocurrencies for their upcoming books.
They said they found that some stars may not fully understand what they are promoting. Still, celebrities took the money, which was both “disappointing” and surprising to Silverman and McKenzie, given how protective of their brand and image celebrities are when attaching their names to products.
Celebrities peddling cryptocurrency should have an obligation to reflect on what they’re doing, McKenzie said. “Would you feel bad if your fans lost money because you gave them bad financial advice?” McKenzie said.
People on social media on Thursday must have wondered if Damon was feeling bad about pushing cryptocurrencies. One person tweeted that the collapse of the cryptocurrency is not funny because following Damon’s lead could seriously hurt some people.
Cryptocurrency crashes aren’t even fun anymore. People will be hurt — and the poor from marginalized communities will get the wealth Matt Damon promised. People are losing their life savings. They posted a suicide helpline on Reddit. no.
— Angelo Gio Mateo (@angelogiomateo) May 12, 2022
But some speculate that maybe Damon wasn’t that bad.
Matt Damon isn’t sweating the Super Bowl ad urging you to invest in cryptocurrencies – after all, Matt gets paid in old-fashioned dollars.
— Max Burns (@themaxburns) May 12, 2022
Others are still joking.
Who will play Matt Damon in the movie about the Bitcoin crash
— CHOAM Nomsky (@samthielman) May 12, 2022
Still others believe the situation offers some important lessons about the risks of certain markets and why people shouldn’t take financial advice from celebrities:
I feel bad for the really poor, desperate people who starve out of poverty and then get deceived by Matt Damon and Larry David. But other than that, I’m glad to see bitcoin crash and burn before I have to hear more about it, I hope every pyramid thief struggling with the poor people is rotting in their shame .
— Dr. Thrasher (@thrasherxy) May 12, 2022
See what’s happening to people who are taking Matt Damon’s investment advice now. That’s why — even a small child should understand — you should never take investment advice from celebrities.
If someone wants to sell you something too good to be true, it is.
— Stephen Diehl (@smdiehl) May 12, 2022
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