Matt Damons Fortune Favors the Brave! Crypto Ad Turns One

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Matt Damon appears in an advertisement for the company Crypto.com on Oct. 28, 2021.

Screenshot: The Intercept

One year ago, on October 28, 2021, the companyCrypto.com premiered an ad starring Matt Damon. After it appeared during NFL games, it drew a great deal of attention for Damon’s suggestion that only cowards would fail to buy cryptocurrency but if you jumped in with both feet, you would be demonstrating courage comparable to that of astronauts.Crypto.com, based in Singapore, is a platform that mainly allows users to trade in cryptocurrencies.

On that day, bitcoin, the most famous cryptocurrency, wastrading at $60,608 apiece. As of the moment this was published, 1 bitcoin costs $20,717.

That means that if you were encouraged by Damon to buy $1,000 worth of bitcoin last October 28, it would now be worth $342.

If you purchased $1,000 of Ethereum, the next most popular cryptocurrency, it would be worth$363.One thousand dollars of the Nasdaq Crypto Index is currently trading at $336.

As the crypto market has crashed, the Damon spot has been the ridiculous subject of worldwide, and it seems destined to go down as one of the most magnificent own goals in advertising history. Crypto.com certainly recognizes this and wisely has set the YouTube version of the ad to private.

The good news is that you can still watch it here via Archive.org, and if you havent seen it already, you should not deny yourself itsmany joys. In it, Damon strides through a CGI Hall of Adventurers, past 1) a man whomight be Christopher Columbus, 2) a mountain climber, 3) a Wright brother, 4) a man attempting to kiss a woman at a bar, and 5) a group of multiracial, gender-balanced, futuristic astronauts. Damon, who you can tell is authentic because he hasn’t shaved, tells us:

History is filled with almosts those who almost adventured who almost achieved but ultimately, for them it proved to be too much. Then there are others: The ones who embrace the moment and commit. And in these moments of truth, these men and women, these mere mortals, just like you and me as they peer over the edge, they calm their minds and steel their nerves with four simple words that have been whispered by the intrepid since the time of the Romans: Fortune favors the brave.

There are so many funny things about this, its hard to keep track. But to start, its a good idea to remember the likely origin of the phrase fortune favors the brave. In AD 79, Pliny the Elder, a Roman author and military commander, witnessed the famed eruption of Mount Vesuvius from nearby. He decided to stage a rescue mission by sailing several ships straight toward the conflagration. His nephew later wrote: Having hesitated a bit about whether he should turn back, he soon said to the helmsman, who was advising that he do just that: Fortune favors the brave: head for Pomponianus.

This was indeed brave, but the fortune part didnt work out, since Pliny got to his destination and was quickly asphyxiated. His body was found later covered in pumice.

Its useful to keep this in mind if you watch the Making Of video about the ad (also now set to private). In it Steven Kalifowitz, Crypto.coms chief marketing officer, explains that Fortune favors the brave isnt just a line for a campaign. Its genuinely how Crypto.com sees the world. And Crypto.com indeed seems to have chartered a Pliny-esque path, as it reportedly justfired 40 percent of its workforce.

Then theres the ads old-timey, 19th century-style hucksterism. Its easy to imagine Damon standing next to his wagon in front of a curious crowd, proclaiming, You, sir! The gentleman who rode here on his tandem velocipede! I see youre here with your paramour with her parasol and enormous bustle. But she surely wont favor you with her feminine affections any longer if youre too meekto try Dr. Cryptos Snake Amalgam!

The ad is also full of easter eggs for crypto enthusiasts. The main astronauts name tag reads Satoshi, a reference to Satoshi Nakamoto, the pseudonymous inventor of bitcoin. The ceiling above the astronauts reads HODL, which stands for Hold on for Dear Life, a popular saying among crypto owners who vow not to sell their holdings no matter what happens to the price.

It’s unclear how Damon was compensated for the ad. A Bloomberg article from last October 28 says that Damon is an investor in Crypto.com but not whether he received shares for his work. It also says that Crypto.com made a $1 million donation to Damons charity Water.org, although it does not state that this was in return for the ad. Ive never done an endorsement like this, Damon is quoted as saying. Were hoping this is the beginning of a great long-term collaboration. (Damons publicist did not immediately respond to a request for comment and information on the terms of the ad.)

It is, of course, possible that bitcoin and cryptocurrencies in general will recover from their current swoon. The value of bitcoin collapsed by almost half in 2021 and then went on to new heights. Billionaire investor Peter Thiel has said that it could increase in value 100 times from its current level. If youre a believer, feel free to bookmark this article so you can jeer at it when this comes to pass.

However, it appears more likely that the value of cryptocurrencies will continue to deteriorate since theres no sign that theycan serve any purpose that boring, regular money doesnt already.

If this happens, this Fortune favors the brave ad will go down in history as a particularly vivid example of how money as a concept mesmerizes the human mind and overwhelms our ability to think rationality. How could it be otherwise? Money is both totally imaginary and also rules every aspect of our lives. The fact that it even got Damon by all accounts an unusually intelligent and well-intentioned celebrity shows just how powerful and dangerous it is.

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