One of the hottest celebrity endorsements has been cryptocurrency promotion. In addition to the hefty pay they’re likely to receive for partnering with bitcoin companies, some big names act almost like financial advisors to their fandom. That can be a risky move for the average person who may not be able to weather an investment that isn’t FDIC-insured.
related story
These are the top 10 richest women in the world in 2022
With crypto prices falling dramatically in value over the past few weeks, there is also a lot of debate as to whether this is an investment in the future or a total Ponzi scheme. If you’ve been listening to A-list stars like Gwyneth Paltrow or Matt Damon, you might think if it’s good enough for them, then why not give it a try. But we must remember that many celebs are sitting on a pile of cash and can afford to wait out the market downturn.
The only actor you might want to listen to is former OC star Ben McKenzie, who has an economics degree from the University of Virginia and is co-writing a book with journalist Jacob Silverman that critiques the world of crypto. He has no problem calling Damon for his Crypto.com commercial and saying he’s “disappointed” that the Oscar winner is “taking money to do something like this.” McKenzie explained to Slate, “When you talk to a financial professional, is that the advice they give you? Shout for these companies? And is it worth it? From a celebrity perspective, I just think we need to think about what we’re doing. We have a certain obligation, and wouldn’t you feel bad if your fans lost money because you gave them bad financial advice?
Damon isn’t the only one taking a public hit for promoting fintech, so find out who else has faced criticism – and who’s just strolling by (we see you Jamie Foxx).
Comments are closed.