The cryptocurrency exchange Crypto.com was very aggressive in promoting its services in 2021 by combining its image with the image of some celebrities. He distinguished himself significantly by an announcement aired in October 2021 in which we can see actor Matt Damon inviting the public to jump on the cryptocurrency bandwagon. In the face of the fall in cryptocurrency prices, the people who invested in bitcoin after this call now have assets that lost more than 60% of their value.
Courageous investors who are no longer smiling
In order to expand its brand image and persuade the public to join its platform, Crypto.com has recruited celebrities from several disciplines to promote it. The exchange therefore asked Matt Damon to make an announcement with a rather enticing title that was it was clearly a call to buy cryptocurrencies through Crypto.com. entitled ” Fortune smiles on the brave The ad was then posted on the exchange’s YouTube page on October 28, 2021 and was viewed millions of times.
On that date, bitcoin was worth $ 60,808 before continuing to rise to a record high of over $ 69,000 in November 2021. If investors who bought bitcoin after the announcement of the ad were able to make a profit 13 To earn% thanks to this increase, good luck. from being at the rendezvous to those who kept their assets. In fact, an investment of $ 1,000 back then was worth $ 375 at the current BTC priceloss of more than 60%.
The culpable silence of celebrities
Of course, the appearance of celebrities in such advertisements should not be construed as advice on investing in bitcoin or any other cryptocurrency. However, it’s hard to silence them as they go through a bear market to pass on to the public. This in particular causes them without emphasizing the risks of cryptocurrencies while promoting them.
Some critics go further claiming that celebrities were paid in trusts rather than cryptocurrency for lending their image to cryptocurrency companies. If there is no evidence that Matt Damon would have agreed to such an arrangement with Crypto.comthe exchange never disclosed details of the payment made to the actor.
While investors are solely responsible for the investments they make, celebrities who promote cryptocurrency have a moral responsibility in this scenario. The current crisis is shaking bitcoin and other cryptocurrencies whose impact on individuals entering the market can be questioned.
Source: Finbold
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.
