All Those Celebrities Pushing Crypto Are Not So Vocal Now

The New York Times (NYT) (05/17/2022)
  • The proliferation of TV and social media ads featuring celebrities promoting crypto have suddenly disappeared following the recent market correction.
  • Celebrities and athletes who promoted crypto include Matt Damon, Gwyneth Paltrow, LeBron James and Larry David.
  • Most of them were featured in ads by crypto brokerages (eg FTX) seeking more individuals to open accounts.
  • However, these companies have cut their ad spending by up to 75% following the recent correction.
  • If the correction deepens, celebrities could face public backlash for influencing people to invest.