Last month I wrote about Crypto.com COIN (CCC:CRO-USD) and the Matt Damon ads extolling the virtues of cryptocurrencies and the Crypto.com exchange. The result has affected the Coin crypto price in the short term, but probably not in the long term.
In my article, I pointed out how the ads had affected me and led me to set up an account at Crypto.com. However, I have yet to buy Coin crypto, even though I am still considering it. Now it seems that the Damon ads are drawing a broad array of interest.
Criticism of the Matt Damon Ads
For example, Cointelegraph reported on Jan. 8 that the reaction to the Matt Damon ads about Crypto.com has been “brutal.” For example, the Cointelegraph author points out that a Financial Times crypto critic, Jemima Kelly, did not like it, to say the least. The title of her article, “Matt Damon’s crypto ad is more than just cringeworthy.”
The point she makes is that the ad equates man’s noteworthy achievements to buying cryptocurrency. She deems this cringeworthy and unrealistic.
It’s probably true that the thesis in the ad doesn’t really make sense. But the point that the ad makes to people is that buying crypto is something that “Jason Bourne” would do.
People don’t really care about the logic of the ad. In fact, the Financial Times makes the point that the ad has gone viral after it was seen during a recent NFL game on TV.
Another critic was even blunter. The Daily Beast declared it an “embarrassing cash grab.” Carole Cadwalladr of The Guardian, tweeted that Matt Damon was promoting a Ponzi scheme. And she has nearly 600,000 followers on Twitter (NASDAQ:TWTR).
It has to do with Matt Damon’s central thesis in the ad for Crypto.com: “Fortune favors the brave.” He’s talking about buying cryptocurrency.
This is anathema to the elite establishment. They don’t want to hear anything about the latest fad in investing or finance. They know that it’s unrealistic to equate this to the great accomplishments of man.
Where This Leaves Crypto.com
But I pointed out in my last article, the point of the ad is to garner attention to the Crypto.com exchange. Even though it has done this in a controversial manner, using Matt Damon was a stroke of brilliance. This is despite what they paid him — and frankly, no one really cares (in fact, good for him to get in on this gravy train). After all, his association with numerous action movies implies a sense of bold success when tied with the prospect of crypto investing.
Crypto.com has probably reaped well more than the cost of the ad.
Unfortunately, none of this has translated into a higher price for Crypto.com COIN crypto tokens. The price peaked recently on Dec. 24, 2021, at $0.6828, or 69.28 cents per COIN crypto token.
But as of Jan. 8, it was down to 45.69 cents. That represents a loss of 23.59 cents in less than one month and a dip of 34.5%.
What to Do With COIN Crypto
For most crypto investors looking for a good entry point into a popular crypto, this is an ideal time to begin accumulating COIN crypto. As it stands now 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, astute investors will start putting money to work, buying more especially if the token keeps falling. That way they can lower their average cost into COIN crypto.
On the date of publication, Mark Hake directly held a long position in VeChain crypto but not in any other of the securities mentioned in this article, either directly or indirectly. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Mark Hake writes about personal finance on mrhake.medium.com and Newsbreak.com and runs the Total Yield Value Guide which you can review here.
