Tom Brady, Matt Damon & Celebrity Crypto Endorsements Look Great But Can’t Ignore The Great Risk Involved With Them

Published 05/13/2022, 2:15 PM EDT

The crypto endorsements from Tampa Bay Buccaneers quarterback Tom Brady and other celebrities have come under fire following the recent crash of the crypto market. Many high-profile celebrities like Brady have been featured in advertisements promoting cryptocurrencies and their benefits. But the recent losses incurred by investors on Thursday in Bitcoin share an ugly truth about the other side of this coin.

According to The Intercept’s Jon Schwartz, any crypto investment would have seen a 52 percent loss in its assets. The crash saw bitcoin take a downward spiral to the lowest point since December 2020 and leaves investors in turmoil.

Article continues below this ad

The seismic shake-up happened following TerraUSD, a major stable coin that was supposed to maintain the same value as the US dollar, plunged to less than $0.30 in value.

Celebs like Matt Damon and Tom Brady have been hawking crypto in high-profile ads — but if you invested when they told you to, you'd be seeing major losses as crypto nosedives https://t.co/z2jY72WoKu
— Nicholas Carlson (@nichcarlson) May 13, 2022

Investments should be dependent on informed opinion from multiple reliable sources. The continuing deterioration of the value will test the investors and their resolve amid challenging situations within the stock market.

Tom Brady says it or not, invest smartly!

The cryptocurrency sphere is still a very challenging and unknown quantity for potential new investors. The 7-time Super Bowl champion through his big-money campaigns made attempts to promote the world of digital assets. The Buccaneers QB, with his partner Gisele Bündchen bought an equity stake in the crypto firm FTX as ambassadors.

Article continues below this ad

Patrick Mahomes’ Mother Randi Beefed With Gisele Bundchen After Tom Brady Defeated Her Son At Super Bowl 2021: “You Have to Have the Ref On Your Team”

Both Brady and Bündchen were the perfect representatives for this exciting new world of crypto. They were investing in a company that became one of the largest crypto exchange firms. But the current situation involving bitcoin will affect the investors in the coming months as concerns begin to mount.

While the losses might continue in the world of crypto, NFL fans will look forward to witnessing Brady next season. The upcoming season will present a different challenge that will present before the veteran QB. He will be tackling another campaign of high expectations with his 8th Super Bowl title a possibility.

Article continues below this ad

Watch This Story: Tom Brady vs Aaron Rodgers, Patrick Mahomes vs Josh Allen: Top 5 Must Watch Matchups of the NFL 2022 Regular Season

SHARE THIS ARTICLE :

Written by:

An NFL author at EssentiallySports, Anuj Tazhatuveetil is pursuing a Master's degree in Journalism and Mass Communication. Initially, he worked as a freelance content writer and later as a part of Sports404. An unquenchable thirst to learn about all things NFL and NBA, adding to a rather healthy obsession with playing outdoor sports like basketball, and soccer with an almost encyclopedic knowledge of this industry make him a sports aficionado.

Edited by:

Utsav Khanna

Tom Brady, Matt Damon & Celebrity Crypto Endorsements Look Great But Can’t Ignore The Great Risk Involved With Them

Tom Brady says it or not, invest smartly!

Trending

“RIP”: NFL World Mourns the Passing of 25 YO AJ Simon a Week Before 2024 Draft

Deion Sanders Comforts NBA Legend Nate Robinson’s Son Amidst Medical Crisis

Controversial Antonio Brown Launches Another Attack on Caitlin Clark With Vulgar Jab

Ahead of Bill Belichick and Nick Saban’s Broadcasting Debut, Tennessee Fan Leaves the Former Alabama HC Speechless on Golf Outing

“Dear to My Heart”: Deion Sanders Discloses Intent Behind Meeting NBA Legend Nate Robinson’s Son