Last month I wrote about CURRENCY Crypto.com (CCC:CRO-USD) and Matt Damon’s ads extolling the virtues of cryptocurrencies and the Crypto.com exchange. The result affected the price of crypto Coin in the short term, but likely not in the long term.
In my article, I highlighted how the ads affected me and led me to create an account on Crypto.com. However, I have yet to buy a crypto Coin, although I am still considering it. It now appears that Damon’s commercials are attracting a wide range of interests.
Matt Damon Commercial Review
For example, Co-telegraph reported on January 8 that the reaction to Matt Damon’s ads about Crypto.com had been “brutal.” For example, the author of Cointelegraph points out that a Financial Time Crypto critic Jemima Kelly didn’t like it, to say the least. The title of his article, “Matt Damon’s Crypto Advertising Is More Than Just Deserving of the Name.”
The point she makes is that the ad equates the man’s remarkable accomplishments with buying cryptocurrency. She considers that despicable and unrealistic.
It’s probably true that the ad thesis doesn’t really make sense. But the point the announcement makes to people is that buying crypto is something “Jason Bourne” would do.
People don’t really care about the logic of the ad. In fact, the Financial Time points out that the ad went viral after being seen in a recent NFL game on television.
Another review was even more blunt. the Daily beast said it was an “embarrassing seizure of money”. Carole Cadwalladr from The Guardian, tweeted that Matt Damon was promoting a Ponzi scheme. And it has nearly 600,000 subscribers on Twitter (NASDAQ:TWTR).
It has to do with Matt Damon’s central thesis in the Crypto.com ad: “Fortune favors the brave.” He talks about buying cryptocurrency.
It is anathema to the elite establishment. They don’t want to hear about the latest fad in investing or finance. They know it is unrealistic to equate this with the great achievements of man.
Where it leaves Crypto.com
But as I pointed out in my last post, the purpose of the announcement is to bring attention to the Crypto.com exchange. Even though he did so in a controversial way, using Matt Damon was a stroke of genius. It’s despite what they paid for – and frankly, nobody really cares (in fact, it’s okay for him to get on that gravy train). After all, its association with many action films implies a sense of daring success when paired with the prospect of a crypto investment.
Crypto.com has probably reaped far more than the cost of advertising.
Unfortunately, none of this translated into a higher price for Crypto.com COIN crypto tokens. The price peaked recently on December 24, 2021, at $ 0.6828, or 69.28 cents per COIN crypto token.
But by January 8, it had fallen to 45.69 cents. This represents a loss of 23.59 cents in less than a month and a decline of 34.5%.
What to do with COIN Crypto
For most crypto investors looking for a good entry point into a popular crypto, now is the perfect time to start accumulating COIN crypto. At present, Crypto.com COIN has a market value of $ 11.5 billion and it is ranked as the 17th largest cryptocurrency by Coinmarketcap.com.
As a result, savvy investors will start putting money to work, buying more, especially if the token continues to fall. In this way, they can reduce their average cost in crypto COIN.
As of the publication date, Mark Hake is directly long in the crypto VeChain but not in any of the other securities mentioned in this article, either directly or indirectly. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Mark Hake writes about personal finance on mrhake.medium.com and Newsbreak.com and run the Total Value of Return Guide that you can consult here.