From Matt Damon to Gwyneth Paltrow, Celebrities Who Pushed Crypto Are Now Paying for It to Rise in Popularity – EL PAÍS USA | Candle Made Easy

Matt Damon thought everything was pretty clear three or four months ago. For the Massachusetts actor, the world was divided into cryptocurrency users and crypto skeptics. The former were courageous people willing to follow the tides of progress. The latter were die-hard losers, ignorant plebeians, poor devils who couldn’t see a promising investment opportunity dancing naked on their laps.

At least, that was the message behind Fortune Favors the Brave, this spring’s marketing campaign for digital investment platform Crypto.com, starring Matt Damon.

The strategists behind the advertising campaign spared no expense. It started with a Super Bowl commercial. Today the minute-long clip is ridiculous: the Mars (2015) Protagonist compares cryptocurrency investors to space pioneers like Galileo and Neil Armstrong.

The day Bitcoin discovered America

The pompous tone of the commercial sparked mockery on social media. South Park proceeded to parody it. But few specifically questioned their message. An open-minded celebrity invited us to invest in financial assets at the forefront of technology. What was the problem?

Months later, back-to-back crashes have pushed the values ​​of some cryptocurrencies to record lows. Matt Damon’s involvement in the Crypto.com publicity stunt doesn’t seem so innocent anymore. Since late May, the actor has faced relentless attacks in the same arenas where he was once revered. Months later, after the back-to-back crashes that have taken the price of some of the most popular cryptocurrencies to historic lows, Matt Damon’s participation in the Crypto.com advertising masquerade seems less innocent. Since the end of May, the actor has been mercilessly beaten on the very forums that seemed to idolize him.

Matt Damon before the 2017 Oscars.Kevin Winters (Getty Images)

On Twitter, the world’s busiest water cooler, he was dubbed a “stylus” and a “cheater.” Hundreds of more or less anonymous users accuse it of losing their life savings by investing in volatile or fraudulent assets.

If Damon were a company, we’d say he’s suffering from a reputation crisis. After decades of slowly constructing an image of a normal man unaltered by fame and fortune, he was eventually linked to financial disaster and the object of public scorn. And the now-viral marketing campaign only adds to the humiliation.

He chose a tactical retreat. He did not speak on the subject. He’s limiting his public appearances until the storm clears.

For Damon, a baby boomer born in 1970, holding back might not be a problem. He’s never had a huge social media presence. This is, after all, a man who boasts about his contempt for political correctness. Until recently, he thought Facebook and “maybe Instagram” were the only social networks to use. And he only stopped using the word “fag” when his daughter Stella convinced him it was offensive to homosexuals under 40.

Gwyneth Paltrow at a party in California in 2018.
Gwyneth Paltrow at a party in California in 2018.Phillip Faraone (Getty Images for The Wall Street)

The weird thing really is that someone like him ends up getting caught up in a digital asset ad campaign. But Damon took his role as Crypto.com ambassador very seriously. With the enthusiasm of a convert, in close collaboration with the cryptocurrency platform, he founded an NGO dedicated to delivering potable water to regions of the planet that lack it. The initiative raised money, of course through the sale of digital art – the famous NFTs, virtual images that sold for a fortune.

Selling to ordinary people

By the end of 2021, cryptocurrency markets had started to enter the mainstream. The challenge was to get ordinary people – even poor people – on board. And who better than someone with Matt Damon’s Street Credo? Jemima Kelly, technology markets expert at the financial timesHe ironically points out that “Matt was paid to the last penny in solid US dollars, as easy and convenient as paying him in bitcoin would have been.”

The Massachusetts actor isn’t the only celebrity whose reputation has suffered in the wake of the crypto apocalypse. The VIP crypto outcasts are legion. British model Cara Delevingne was scorned for taking part in a charity drive where an NFT of her vagina was auctioned off. Snoop Dog and Ellen Degeneres recently started combining their investments in both cryptocurrency and NFTs, and today they’re paying the price. Even Flea, the bassist for the Red Hot Chili Peppers, actively promoted crypto art sales on social media, only to end up realizing he didn’t really know what he was selling.

Cameroonian NBA player Joel Embiid starred in another Crypto.com commercial titled “Bravery is a Process.” Launched on May 6th, the campaign was the first attempt to counteract the negative impact of Bitcoin’s fall in value.

In it, Bill Self, the man who discovered Embiid when he was a teenager who barely knew how to throw a ball, utters a sentence that seems unhappier than ever today: “Even though our path made no sense to everyone else, we moved on.” In other words, buy bitcoin now when everyone is selling to try to salvage the remains of the shipwreck.

Actress Reese Witherspoon at the 2019 New York Film Critics Circle Awards.
Actress Reese Witherspoon at the 2019 New York Film Critics Circle Awards.Jamie McCarthy (Getty Images)

Reese Witherspoon also associated himself with the image of this now infamous world. The actress penned the viral phrase, “Crypto is here to stay.” Now she says she may have spoken out of ignorance. However, what she hasn’t explained is how much money she made by becoming a lobbyist for a product she never believed in.

But few have been as embarrassed as Gwyneth Paltrow, who posted a tweet confirming that cryptocurrency is “feminist” because it allows women to invest on the same terms as men. That is, as Jemima Kelly puts it, “Feminism, as Paltrow understands it, is about empowering women to participate in pyramid schemes.”

The list goes on. Elon Musk has invested in almost everything imaginable, including digital assets. In 2021, the magnate boasted that the value of crypto assets went up 10 points every time he tweeted. Today those words follow him. Paris Hilton, on the other hand, doesn’t seem to care about the negative impact of her advertising campaigns, as she constantly receives insults on social media for naming her last two dogs, Crypto and Ether, after the cryptocurrency Ethereal. She continues to serve her community of 17 million Twitter followers.

Get out of the cave, don’t be like Larry

Actress Mila Kunis, soccer player Tom Brady, and tennis player Naomi Osaka are among the other celebrities who are now declining to speak about their past ties to the Cryptoverse. It’s a part of their past they’d rather forget, a lucrative skeleton in their closets.

Larry David was also cremated. In November, the comedian appeared in a viral ad complaining about newfangled inventions like electricity and the wheel, and insisting he would never invest in anything that started with “crypto.” The campaign slogan was “Don’t be like Larry”. Jeff Schaffer, who directed the clip, says today, “Neither Larry nor I have the faintest idea how these financial products work. We didn’t buy them and we don’t follow their development, so we can’t say much about them.”

If any celebrity is gaining unconditional fans for her take on Bitcoin right now, it’s Keanu Reeves. In conversation with The edgelaughed Reeves when asked if he’d considered investing in digital assets like NFTs, allegedly one-of-a-kind works of art that he says are “easily reproduced.”

For Dani Di Placido by forbes Magazine, Keanu once again embodied “the wisdom of the common man: If you don’t understand why someone would pay millions to own a .jpg that anyone could copy, maybe it’s because it doesn’t make sense.” Di Placido adds: “I can’t wait to explain to my grandkids that in the midst of the climate apocalypse, we accelerated fossil fuel consumption to invent new coins and sell each other a handful of pictures of bored monkeys. “Maybe Matt Damon should have spoken to Keanu Reeves before filming that Super Bowl commercial.

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