© MARKETWATCH PHOTO ILLUTRATION / CRYPTO.COM, ISTOCKPHOTORemember the Crypto.com "Fortune Favors the Brave" commercial with movie star Matt Damon?
If not, here's an update. Damon created the now-famous ad for the cryptocurrency platform that was created on social media when it was released, and this year’s attitude hasn’t increased much since the ad originally debuted on October 28, 2021.
At the time, cryptocurrencies were doing well. In October 2022, Bitcoin Ether and Dogecoin prices were almost double the current prices, and the market capitalization of crypto-affiliated companies such as Coinbase and Robinhood was also much higher.
“And in these moments of truth, these men and women, these mere mortals, just like you and me, when they looked over the edge, calmed their minds and strengthened their nerves with four simple words that they have whispered ever since through the fearless Roman days : Fortune favors the brave," Damon's announcement reads.
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The announcement has been criticized by many for being such an innovative way of dealing with cryptocurrencies and has gained more and more attention since the cryptocurrency market crashed last year.
Unfortunately, if you bought $1,000 worth of bitcoins when the promotion started, your cryptocurrency will be worth $334, which is about a third of its starting price.
Meanwhile, if you bought $1,000 worth of airtime when the ad started, it will be worth $364 a year later.
The announcement also aired during the Super Bowl in February 2022. It has now been viewed 9 million times on Twitter and millions more on YouTube, but the ad no longer appears on the Crypto.com YouTube channel. Crypto.com and Matt Damon did not respond to MarketWatch's request for comment for this story.
“I have never made an endorsement like that,” Damon, who is also an investor in Crypto.com, said when the announcement went live in 2021. The actor told Bloomberg that "he'll take the economy or die," but he's got his job done, too.
Over the past year, celebrities have repeatedly made headlines for their cryptocurrency sponsorship. Kim Kardashian, Gwyneth Paltrow, Tom Brady and Mike Tyson have become crypto advocates in recent years, and Kardashian was recently fined $1.26 million by the SEC for an Instagram post promoting digital tokens.
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A lawyer recently told MarketWatch that “it’s very easy to get people to spend money on crypto projects.”
The cryptocurrency market can be very volatile and it is important to make the right financial decisions when trading cryptocurrencies.
Cryptocurrency prices continued to fall throughout 2022. The value of many cryptocurrencies fell by more than 70% from the highs of 2021. The total market capitalization of all cryptocurrencies in 2021 reached almost $3 trillion, but now it is less than $1 trillion .
On Friday, Bitcoin traded just above $20,000 and Ethereum just below $1,500.