The same can’t be said for everyday investors. In a hypothetical scenario where an A-list star like Damon actually did lose their fortune on crypto (which he hasn’t), he could easily earn it back thanks to his thriving career. There’s a widespread sense of anger at celebs who used their platform like this, because not only was Damon earning money from his role as ’s brand ambassador-he also wasn’t taking the risks he personally characterized as brave and cool. He, a multimillionaire, was encouraging regular people to invest money in a manner that could lead to financial ruin. Damon wasn’t selling a product in that commercial. While plenty of celebs attach themselves to problematic brands, cryptocurrency is uniquely controversial. Hey remember going to the movies and Matt Damon said if you didn't buy crypto you were a pussy /sXNk0BAZqj- The Call is Coming from Inside the Nash May 10, 2022 Other celebrities like Kim Kardashian have been called out for advertising cryptocurrencies and NFTs, but Damon became the poster boy because he appeared on-screen in this memorably corny commercial. As the New York Times pointed out, the ad just riffs on this idea by positioning investments as dangerous and exciting, aimed at a target audience of young men. It obviously doesn’t mention that cryptocurrencies are notoriously unstable, described by many as a scam. Now, as cryptocurrency markets face a devastating crash, the actor is attracting a second wave of criticism for endorsing risky financial practices.ĭamon’s ad consists of an ambiguous one-minute monologue about heroism, culminating in the catchphrase “Fortune favors the brave.” Without actually explaining what cryptocurrency is, the ad compares it to impressive feats like climbing a mountain or traveling to space.
When Matt Damon‘s commercial premiered in October 2021, it immediately inspired backlash.
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