Heard on Actor Matt Damon at a photo call in Cannes France in 2021. The values ofcryptocurrencies like bitcoin and ethereum have plunged in recent months.The values ofcryptocurrencies like bitcoin and ethereum have plunged in recent months. And with the crash, some celebrities who have advertised cryptocurrencies have come under fire for encouraging people to invest in them.
Emily Stewart senior correspondent at Vox wrote about the relationship between celebrities and financial products and services. She spoke with Marketplace host Kai Ryssdal about the endorsement relationship. The following is an edited transcript of their conversation.Kai Ryssdal Celebrities endorse stuff all the time. Why is that money endorsement relationship kind of different?Emily Well I think its one thing if a celebrity tells you to buy a bag of chips right? You do not like the chips they are gross fine. But when its your money its a little bit of a different story. Its obviously a little bit higher stakes than chips that you do not like. Can we talk then about specifically crypto which is the thing that honestly you know back during the Super Bowl and Damon and fortune favors the brave and all this. And now crypto is tanking and I am going How do you feel now Matt Damon?
He probably is not too worried about it but the people who bought crypto because Matt Damon said fortune favors the brave are kind of out of luck.Stewart . I mean I think it goes without saying you know not always a great idea to follow celebrities into any investment. Celebrities are rich for reasons having nothing to do with their crypto investments. Whether that be Reese Witherspoon or Tom Brady or Larry David I would venture to guess that these people have investment managers who probably tell them not to do a ton of crypto. But you know we really did see I think at the beginning of the year and late last year just a ton of celebrities really diving into crypto. And it really kind of mainstreamed crypto in a way that to me felt a little bit different. And I think a lot of people you know got really excited and kind of did not realize that crypto has historically gone through these boom and bust cycles. And right now we are in a bit of a crypto winter, I guess.