These celebrities all invested in cryptocurrency
Matt Damon dragged on Twitter for pushing cryptocurrency as markets crash
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Based on blockchain technology that allows them to exist and function largely outside of government control, cryptocurrencies have, on the one hand, been praised for their inflation resistance and transparency. On the other hand, they have faced criticism for their exchange rate volatility and their potential to be used for illegal activities.
And it's not just experts who are interested in the potentially revolutionary technology. For better or worse, many celebrities have come out in favor of cryptocurrencies. Matt Damon has starred in a series of commercials for Crypto.com which started airing in October of 2021, a time when the cryptocurrency market was still ticking along. However, now that the digital currency is plummeting, suffering US$200 billion in losses, Damon is being slammed online for his ads. The slogan "fortune favors the brave" is no longer going down well as Twitter users troll and criticize Damon for using his fame to encourage gullible people to make terrible investments. One user commented that he probably wasn't paid in cryptocurrency for the ad, lucky for him.
Check out this gallery to see which celebrities got on board with the faltering cryptocurrency craze.