By Weston Blasi
Remember when Matt Damon told you, “Fortune favors the brave”?
Well, Twitter /zigman2/quotes/203180645/composite TWTR -1.08% users do, and many of them are bringing up the viral Crypto.com ad, while prices for cryptocurrency like bitcoin /zigman2/quotes/31322028/realtime BTCUSD +9.08% and ether /zigman2/quotes/108573964/realtime ETHUSD +8.49% are slumping, and crypto exchange platforms like Coinbase /zigman2/quotes/225893452/composite COIN -5.49% are losing billions in market cap.
See: Why is crypto crashing? Mark Cuban says ‘crypto is going through the lull that the internet went through’
“I’ve never done an endorsement like this,” Damon, who is also a Crypto.com investor , said when the commercial debuted. He also told Bloomberg that he’s ready to “ride or die with the economy” — but he’s also not quitting his day job making movies.
See: Despite $11 million in donations from a crypto billionaire, Carrick Flynn loses big in Oregon primary
Matt Damon and his representatives did not respond to MarketWatch’s request for comment on this story.
Unfortunately, if you had purchased $1000 worth of bitcoin when the commercial debuted, your crypto value would be less than half of that as of May 12.
Meanwhile, if you had purchased $1000 worth of ether when the commercial debuted, its value would also be worth less than half it was as of May 12.
Crypto prices have generally moved even lower since May, and top cryptos like bitcoin and ether are trading at their lowest levels since late 2020 .
Obviously, the commercial likely had little to no impact on the crypto markets, and October represents an arbitrary starting point for any crypto-related price charting as prices for bitcoin and ether have more than tripled over the last 24 months.
See: Coinbase stock sinks as anxiety builds in crypto market
Also See: Coinbase CEO says company has ‘no risk of bankruptcy’