- 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.
All Those Celebrities Pushing Crypto Are Not So Vocal Now
(05/17/2022)