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Shilling for crypto


A good reminder about how many celebrities have made money selling their fans on crypto as if they were selling municipal bonds or something:

In the latest commercial from the virtual currency exchange Crypto.com, titled “Bravery Is a Process,” the star basketball player Joel Embiid walks through Philadelphia while Bill Self, his former college coach, lends the narration.

“Even when our path didn’t make sense to everyone else, we kept going,” Mr. Self says in the ad, which made its debut on May 6. “We keep going, until our path is the one they wish they’d taken.”

What the ad doesn’t say: The crypto market is in the middle of a meltdown. Buyers beware.

Enthusiasm for crypto from Hollywood celebrities and top athletes reached a fever pitch over the past year. On social media, during interviews and even in music videos, they portrayed virtual currency as a world with its own hip culture and philosophy — one that was more inclusive than traditional finance and that involved the chance to make loads of money.

The Super Bowl was nicknamed the “Crypto Bowl” this year because so many ads — which cost as much as $7 million for 30 seconds — featured the industry, several of them starring boldface names.

But after investors watched hundreds of billions of dollars disappear in a sell-off this month, those famous boosters now face intensifying criticism that they helped drive vulnerable fans to invest in crypto without emphasizing the risks. Unlike clothes or snacks or many other products hawked by celebrities, the crypto market is volatile and rife with scams.

“This is real money that people are investing,” said Giovanni Compiani, an assistant professor of marketing at the University of Chicago whose research has found that younger, lower-income investors tend to be overly optimistic about crypto’s trajectory. “Those who promote it should be more upfront about the potential downsides.”

The near uniform response of the contacted celebrities to the cratering of the crypto market is “no comment.” I mean, as long as they accepted payment in actual cash they got what they wanted out of the deal.

All that said, however, let me be clear that LOOMCOIN is the most stable blue chip investment you will ever consider purchasing. A portfolio balanced between LOOMCOIN and the forthcoming LGM Online Sportsbook should lead you to a retirement 20 years ahead of schedule.

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