With the NFL season about to kick back off on September 8th with the Super Bowl champion Los Angeles Rams taking on the Buffalo Bills, we are reminded of Matt Damon’s oh-so-cringeworthy Crypto.com Super Bowl commercial that first aired the day the Rams won the NFL championship.
Back on February 13, 2022, actor Matt Damon informed Super Bowl LVI viewers, “History is filled with almosts. With those who almost adventured who almost achieved, but ultimately for them it proved to be too much. Then, there are others. The ones who embrace the moment and commit. And in these moments of truth these men and women, these mere mortals just like you and me, as they peer over the edge they calm their minds and steel their nerves with four simple words that have been whispered by the intrepid since the time of the Romans. Fortune favors the brave.”
Since that day, hackers stole $15 million from Matt Damon’s favorite crypto company. That same crypto company got ridiculed for buying the naming rights to the Staples Center only to see the value of cryptocurrency tank like the Miami Dolphins in 2021. And the value of tokens like bitcoin have plummeted off a cliff.
The cryptocurrency sector spent 99.6 percent less on advertising in June than it did in February
So can we expect more ads from cryptocurrency companies like we saw during Super Bowl LVI? A day when we were also told by a young, digitally created LeBron James that “the future is crunk” while trying to sell us on the incredible potential of Crypto.com?
Based on a new report by Bloomberg, don’t bet on it.
During the month of February, peaking with ads during Super Bowl LVI, Bloomberg reports the cryptocurrency industry spent an estimated $84.5 million on advertising and marketing.
In July of this year, that number dropped to $36,000.
Fortune apparently no longer favors the brave as #crypto firms drastically cut down on TV marketing ads. pic.twitter.com/zlVjHp8gvp
— Barchart (@Barchart) August 18, 2022
“Ad sellers shouldn’t expect growth in this vertical the remainder of the year due to the crash in crypto valuations and emerging allegations of fraud among companies in the crypto market,” said Eric Haggstrom, director of business intelligence at Advertiser Perceptions, an industry researcher. “Crypto has been a boom and bust industry since its inception, and advertising budgets will follow the same trajectory.”
Since late 2021 when the cryptocurrency sector peaked at a value of $3 trillion, its total market value in June had dropped below $1 trillion – a more than $2 trillion loss in value.
Now then, what if you had heeded Matt Damon’s advice after hearing his speech during Super Bowl LVI and immediately invested some money in bitcoin, the largest and oldest token out there?
Well, let’s say you purchased $10,000 worth of bitcoin on February 13, 2022. That $10,000 investment would now be worth approximately $5,043 – or 49.6 percent less than what it was worth when you decided you wanted to be one of “the brave.”
No wonder smart people like Bill Gates and Warren Buffett, who said he wouldn’t pay $25 for all the bitcoin in the world, refer to cryptocurrency as “rat poison” and “turds.”
Oh, by the way, if you were to have annually invested $1,000 in Buffett’s Berkshire Hathaway every year since 1964, your investment now would be worth around $131 million – a return of 131,000 percent.
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