Following actor Matt Damon’s “Fortune favours the bold!” advertisements with Crypto.com, Bitcoin investors have suffered big losses.
The ad began on October 28, 2021, during the height of the cryptocurrency bull run, and also aired during the Super Bowl this year. However, investors who acquired $1,000 worth of Bitcoin when the advertisement originally aired today own assets worth at least $375.
As of October 28, 2021, Bitcoin was valued at $60,808, but as of press time, it was trading a little over $22,000, a decline of roughly 60 percent. Notably, Bitcoin reached a new all-time high of around $68,000 after the advertisement, after the approval of the first Bitcoin ETF in the United States. Bitcoin is at the forefront of the crypto market’s collapse.
Damon was one of a number of celebrities recruited by various crypto businesses to promote the industry in accordance with Crypto.com’s mission to accelerate the global transition to cryptocurrency.
Elon Musk, the CEO of Tesla, is also actively committed to the development of Dogecoin and has integrated the meme currency into his company’s operations. Musk called himself the “Dogefather” at some time when appearing on Saturday Night Live (SNL).
Almost a year after its debut on May 8, 2021, the value of Dogecoin has decreased by approximately 90 percent. After leading the meteoric surge of meme-based cryptocurrencies, Dogecoin is among the coins that have cooled as investors have shied away from riskier assets.
Notably, Musk was one of the pioneers of the new celebrity-driven crypto market advertisements that gained popularity during the bull run.
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