Financial advisors urging their clients to avoid falling for celebrity-endorsed investments can point them to the dismal performance record of crypto and other digital assets plugged by the likes of Matt Damon.
Damon appeared in an ad by cryptocurrency exchange Crypto.com on October 28, 2021, as part of the firm’s “Fortune Favors the Brave” campaign, Bloomberg writes. Since then, Bitcoin has plummeted more than 60% in price, according to the news service.
And Super Bowl-winning quarterback Tom Brady said in June 2021 that he was partnering with crypto exchange FTX and appeared in several spots including, in some, with his wife, model Gisele Bündchen, Bloomberg writes.
Bitcoin’s price has dropped 35% since then, according to the news service.
Boxer Mike Tyson, meanwhile, created his own collection of non-fungible tokens in August 2021, tapping his own colorful history for inspiration: one of the NFTs features the incident in which he bit Evander Holyfield’s ear, for example, Bloomberg writes.
The average price of Tyson’s NFTs dropped 95% by July 21, which was the more recent sale of one of them, according to the news service.
It’s not just actors and athletes who have a shoddy track record when it comes to digital assets.
Billionaire investor Mark Cuban said he was getting into the Titan token in a June 13, 2021, blog post, and the token has since plunged 99% — although Cuban told Bloomberg recently that “it’s really on me for being lazy,” according to the news service.
On the other hand, anyone buying Bitcoin following recent endorsements from soccer player Cristiano Ronaldo and Tiktok influencer Khaby Lame “are actually slightly ahead in the weeks since they first appeared,” Bloomberg wrote.
“Maybe fortune really does favor the brave,” the news service concluded.
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