One of the hottest endorsements for celebrities has been the promotion of cryptocurrency. In addition to the hefty payout they likely receive for partnering with bitcoin companies, some big names act almost like financial advisors to their fan base. This can be a risky decision for the average person, who might not be able to afford an investment that is not FDIC insured.
With crypto prices having dropped dramatically over the past few weeks, there is also a lot of talk about whether this is an investment in the future or a total Ponzi scheme. . If you’ve listened 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 have to remember that many celebrities are sitting on a mound of cash and can afford to wait for the market downturn.
The only actor you might want to listen to is the former CO star Ben McKenzie, who has a degree in economics from the University of Virginia and co-authored a book with journalist Jacob Silverman that criticizes the crypto world. He has no problem calling out Damon for his publicity with Crypto.com saying he’s “disappointed” that the Oscar-winning actor is “taking money to do something like this.” McKenzie explained to Slate, “If you talk to a financial expert, is that the advice they give you? For shill 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 obligations, and wouldn’t you feel bad if your fans lost money because you gave them bad financial advice? »
Damon isn’t the only one to take a public swipe for promoting fintech, so find out who else has found himself the subject of criticism – and who’s just skating (we’re looking at you Jamie Foxx).