Why has Matt Damon’s prestige been under fire since the cryptocurrency crash?

AIn early 2022, actor Matt Damon argued that the world was ready to split into two clear factions: cryptocurrency supporters and opponents. He himself sided with the former, describing them as courageous people with a flair for it. He then suggested that the others were short-sighted and didn’t see an investment with a future that would build fortunes almost immediately.

Fortune favors the brave

Damon was the friendly face at the helm of Crypto.com’s advertising campaign, “Fortune Favors the Brave,” launched in the United States during the Superbowl.

The Super Bowl is arguably the most watched sporting event of the year in the United States. Back then, the organizers spared no expense.

People trusted Matt Damon

Due to the recent crypto crash, this turned out to be a PR nightmare for Matt due to social media backlash. Users have even called him a thief, scammer, and scoundrel. People have even assumed that he was responsible for tricking investors into losing their life savings by investing them in fraudulent or volatile mechanisms.

This has also impacted Matt Damon’s brand reputation, which has built up over decades as an impeccable, level-headed, and normal character who hasn’t lost his footing in fame. Today he is associated with a financial disaster.

As a consequence, the actor adopted a “tactical retreat,” meaning he left the subject off and curtailed his public appearances while lowering the level of criticism.

According to British newspaper The Financial Times, “Crypto.com approached Damon as an ordinary guy, far removed from technology speculation.” Sell ​​bitcoins to billionaires and tech enthusiasts.

He was paid in dollars, not crypto

However, he himself did not try these tools even in the cryptocurrency bubble to profit from his campaign as he cashed every penny of his campaign with Crypto.com in US dollars, although he may have been paid via bitcoin transfer.

More celebrities hit for supporting cryptocurrencies

Johnny Depp’s TikTokAP

Snoop Dog and Ellen DeGeneres have been promoters of cryptocurrency investments, along with Red Hot Chili Peppers bassist Flea, has promoted the sale of crypto art via social media, although he admitted he wasn’t very sure “what he was selling.” .

Joel Embid

Another example is NBA player Joel Embiid, who participated in a Crypto.com campaign, Bravery is a Process, launched on May 6 in a first attempt to counteract the negative impact of the Bitcoin crash. He even said, “We have to persevere, even if everyone thinks we’re on the wrong track.”

Reese Witherspoon

Actress Reese Witherspoon released a phrase that went viral at the time: “Crypto is here to stay”. Now she admitted to having spoken out of ignorance and having been badly advised. Nevertheless, she received a hefty sum.

Gwyneth Paltrow

While actress Gwyneth Paltrow went to excess to post a tweet declaring that cryptocurrencies are “feminist” because they allow women to invest on an equal footing with men.

Keanu Reeves trusted his instincts

One who emerged from this maelstrom was actor Keanu Reeves. During an interview with The Verge magazine, he burst out laughing when asked if he plans to invest in digital assets like NFTs

“They are a scam! They’re supposed to be unique, but they can be easily reproduced. They’re images of very dubious artistic value. They’re copied in one click, but a group of investors decided they could be worth millions, because they have a digital certificate of authenticity that makes them exceptional”

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