Just a few months ago, in October 2021, the cryptocurrency market was doing pretty well. Of course, such a volatile industry often has its ups and downs, but in comparison to the current situation, it was great.
At the same time, Damon appeared in an advert titled “Fortune Favours The Brave” for the company Crypto.com, which aims to ‘accelerate the world’s transition to cryptocurrency’.
In the clip, Damon highlights a number of incredible human accomplishments, such as climbing Everest, conquering the skies in a plane and travelling to space, and likens these acts of bravery to investing in crypto.
“In these moments of truth, these men and women, these mere mortals, just like you and me, as they peer over the edge, they calm their minds and steel their nerves, with four simple words that have been whispered by the intrepids since the time of the Romans: Fortune favors the brave,” he says in the video.
On 28 October Matt Damon released a crypto ad telling people ‘fortune favours the brave’.
Since then the price of Bitcoin and Ethereum have halved. pic.twitter.com/wZWUViSIvK
— James Clayton (@JamesClayton5) May 9, 2022
It’s definitely an inspirational, if dramatic, video, but fast-forward to this month and it’s not looking so good.
Over the last few weeks, the cryptocurrency market as a whole has lost hundreds of billions of dollars in value, with Bitcoin dropping to its lowest price since 2020 and ethereum losing more than 20 percent in 24 hours earlier this week.
The term ‘crypto’ began trending on Twitter as both investors and onlookers shared their thoughts on the situation, with many honing in on Damon’s previous praise for investing.
Twitter account MarketWatch made clear the unfortunate demise of Damon’s endorsement as it wrote: “If you had purchased $1000 worth of bitcoin when Matt Damon ‘Fortune Favors the Brave” commercial debuted, your crypto value would be about $481 today.”
Doubling down on the hard truth, another commented: “On 28 October Matt Damon released a crypto ad telling people ‘fortune favours the brave’. Since then the price of Bitcoin and Ethereum have halved.”
A third tweet joked: “Matt Damon was in Oceans 11, 12, 13. You crypto guys just fell victim to his latest heist.”
The dramatic drop in the cryptocurrency market has come after the so-called stablecoin TerraUSD, intended to be a more reliable investment, dropped 98 percent in the space of 24 hours after previously being ranked among the 10 most valuable cryptocurrencies.