Remember when Matt Damon told you, “Fortune favors the brave”?
users do, and many of them are bringing up the viral Crypto.com ad, while prices for cryptocurrency like bitcoin
are slumping, and crypto exchange platforms like Coinbase
are losing billions in market cap.
See also: Tax-free crypto payments? Senators propose bill for transactions under $50
The commercial, which debuted on October 28, 2021 and was replayed again during the Super Bowl, has now been viewed 9 million times on Twitter and over 18 million times on YouTube.
“I’ve never done an endorsement like this,” Damon, who is also a Crypto.com investor, said when the commercial debuted. He also told Bloomberg that he’s ready to “ride or die with the economy” — but he’s also not quitting his day job making movies.
Matt Damon and his representatives did not respond to MarketWatch’s request for comment on this story.
See: Why is crypto crashing? Mark Cuban says ‘crypto is going through the lull that the internet went through’
Unfortunately, if you had purchased $1000 worth of bitcoin when the commercial debuted, your crypto value would be less than half of that as of May 12.
Meanwhile, if you had purchased $1000 worth of ether when the commercial debuted, its value would also be worth less than half it was as of May 12.
Crypto prices have generally moved even lower since May, and top cryptos like bitcoin and ether are trading at their lowest levels since late 2020.
Obviously, the commercial likely had little to no impact on the crypto markets, and October represents an arbitrary starting point for any crypto-related price charting as prices for bitcoin and ether have more than tripled over the last 24 months.
See: Nancy Pelosi’s husband sells $4 million worth of Nvidia stock at a major loss
Also See: Coinbase CEO says company has ‘no risk of bankruptcy’
It’s worth noting, however, that 40% of people who own bitcoin are upside down on that investment, according to a May CNBC report.