Cryptocurrency, a digital form of currency that is not monitored by the government, has long been the source of controversy since its inception in 2008. Currently, the value of cryptocurrency is falling. Bitcoin is at its lowest market value in five years. Folks are dunking on Matt Damon because of it. Here’s why.
Matt Damon’s Fortune
In October 2021, crypto.com debuted a new advertisement starring Damon. The Good Will Hunting star says history is filled with people who almost achieved. Standing beside facsimiles of innovators, Damon says some pioneers “calmed their minds and steeled their nerves with four simple words whispered by the intrepid since the time of the Romans: fortune favors the brave.”
The ad was an immediate flop, with YouTube likes resting below 75%. It was a hyper-serious commercial advocating for investing under the auspices of innovation. Reddit had a field day. South Park lampooned the commercial not long thereafter. Clyde tells a ranting Cartman, “My dad said he listened to Matt Damon and lost all his money.”
Then The Markets Crashed
As we sit in mid-May, BitCoin has collapsed. NFTs have declined significantly and show no sign of stopping. As one would expect, Twitter unloaded on Damon for backing the industry. One critic pointed out that folks who listened to Damon and invested $1000 dollars are now down to $554.
The Gregory Brothers, whom you may remember from Autotune the News, used a clip from Interstellar to illustrate their point.
New York Times writer Dave Itzkoff cited another Damon film in his take.
Damon wasn’t the only celebrity shilling crypto ahead of this crash. Larry David and LeBron James both starred in Super Bowl commercials promoting it. Steph Curry is currently starring in ads promoting NFTs as well. However, Damon’s ad seems to have ticked off the internet the most.
How Does Matt Damon Feel About All This?
You could never reasonably expect Damon to apologize for endorsing a product. The closest explanation we’ve heard comes from Jimmy Kimmel. Under the guise of a barb, Kimmel revealed that Damon did the ad not for profit, but for a donation to his charity water.org.
This makes the whole ordeal a bit easier to swallow, but Twitter is still going to be Twitter. Damon promoting crypto helps to legitimize the investment, and that investment is not paying out. Only time will tell if prices soar to the moon or not.
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