The crypto crash has put a huge bull’s-eye on Matt Damon’s back. The Oscar-winning actor helped bring crypto into the mainstream when his now-infamous “Fortune Favors the Brave” commercial aired during the Super Bowl — but many investors who bought into the celebrity hype now feel duped.
If you had invested $1,000 in Bitcoin when the ad first hit YouTube on Oct. 28, 2021, $375 is all that would have remained by mid-June 2022.
Damon, of course, didn’t cause the crash; but, according to Newsweek, he’s one in a long line of celebrities whose endorsements alone caused cryptocurrencies to artificially inflate. Because crypto trades at such a comparatively low volume, a single word, tweet or hashtag from the likes of Kim Kardashian, Larry David, Elon Musk, Jake Paul, Snoop Dogg or Paris Hilton can puff up a coin’s value into a very burstable bubble.
