1 year ago, On October 28, 2021, Crypto.com premiered an ad starring Matt Damon. After appearing during an NFL game, Damon’s suggestion that only cowards fail to buy cryptocurrency garnered a lot of attention. Based in Singapore, Crypto.com is a platform that primarily allows users to trade cryptocurrencies.
On that day, the most famous cryptocurrency, Bitcoin, was trading at $60,608 per coin. At the time this was published, the price of 1 Bitcoin is $20,717.
So if Damon advised you to buy $1,000 worth of Bitcoin last October 28th, you would be worth $342 today.
A $1,000 purchase of Ethereum, the second most popular cryptocurrency, is worth $363. $1,000 of the Nasdaq Crypto Index is currently trading at $336.
The Damon spot became a hot topic as the crypto market crashed. World wide ridicule, and it seems destined to go down as one of the most ambitious goals in advertising history. Crypto.com is certainly aware of this and has wisely YouTube version Keep your ads private.
The good news is you can still see it here Accessible from Archive.org. Even if you haven’t seen it yet, don’t deny yourself its many pleasures. In it, Damon walks through the CGI Hall of Adventurers and sees 1) a man believed to be Christopher Columbus, 2) a climber, 3) the Wright Brothers, 4) a man about to kiss a woman in a bar, and 5) a multiethnic A group of gender-balanced, futuristic astronauts. Damon, who can be said to be real because he hasn’t shaved his beard, said:
History is filled with most people—mostly those who ventured…mostly accomplished…but in the end it turned out to be too much for them. And in these moments of truth, just like you and I, these men and women, these mere mortals… when they peer over the edge, they calm their minds, Four simple words to put your nerves on edge. Roman times: “Fortune favors the brave”
There are so many interesting things about this that it’s hard to keep track of. But first, I recommend remembering the etymology of the phrase “fortune favors the brave.” In 79 AD, the Roman writer and military commander Pliny the Elder witnessed the famous eruption of Mount Vesuvius from up close. He decided to carry out a rescue mission by sailing several ships straight into the conflagration.later nephew I have written: “After a moment’s hesitation whether to turn back, he immediately told the helmsman. He had advised him to do so. ‘Fortune favors the brave: go to Pomponianus.'”
This was certainly brave, but the luck part went awry, as Pliny suffocated as soon as he reached his destination. His body was later found covered in pumice stones.
It is useful to remember this. “Making of” video About advertising (still set private). In it, Crypto.com Chief Marketing Officer Steven Kalifowitz explained: This is how Crypto.com sees the world. And Crypto.com certainly seems to have charted a Pliny-esque path. laid off 40% of the workforce.
Then there’s the old-fashioned 19th-century-style hacksterism of advertising. It’s easy to imagine Damon standing beside a wagon in front of a curious crowd and declaring: A gentleman who rode here in a tandem velocipede! I see you here with your paramour in her parasol and great bustle. I don’t think so anymore. meek To try Dr.Crypto’s Snake Amalgam! “
The ad is also full of Easter eggs for crypto enthusiasts. The main astronaut’s name tag reads Satoshi, a reference to Satoshi Nakamoto, the inventor of Bitcoin. The ceiling above the astronauts reads “HODL,” which stands for “Hold on for Dear Life.” This is a popular term among cryptocurrency holders who vow not to sell their holdings no matter what the price.
It is unclear how Damon was compensated for the advertisement. Bloomberg article Since October 28th last year, Damon has stated that he is an investor in Crypto.com, although it is not known if he received any shares for his work. It also states that Crypto.com donated his $1 million to Damon’s charity, Water.org, but does not say this was in return for advertising. “I’ve never had an endorsement like this,” Damon is quoted as saying. “We hope this will be the beginning of a great long-term collaboration.” (A spokesperson for Damon did not immediately respond to requests for comment and information about the terms of the ad.)
Of course, Bitcoin and cryptocurrencies in general could bounce back from the current downturn. Bitcoin will nearly halve in value in 2021 before reaching new heights.Billionaire investor Peter Thiel Said It could be worth 100 times what it is now. If you are a believer, feel free to bookmark this article.
However, it is likely that the value of cryptocurrencies will continue to decline, as there is no indication that boring and regular money can serve a purpose that has not yet worked.
If so, this “fortune favors the brave” advertisement will go down in history as a particularly vivid example of how money as a concept fascinates the human mind and overwhelms the ability to think rationally. What about otherwise? Money is completely imaginary and controls every aspect of our lives. The fact that it got Damon – a well-meaning celebrity who is by all accounts highly intelligent – shows just how powerful and dangerous it is.