Crypto Ads During the Super Bowl Should be Avoided

You shouldn't take crypto advice from Super Bowl commercials if you're looking to make money.

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Millions of people saw cryptocurrency advertisements during last year's Super Bowl. Nevertheless, there was bad news for investors as a result of the results. It is important that people do not repeat the same mistakes that they have already made.

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There is no evidence of any theft of money from clients from FTX US, according to Bankman-Fried Cryptocurrency investing is a very risky business, even when dealing with more prestigious coins. Approximately three-quarters of crypto investors who invest for the first time lose money, according to Trade Algo. Investing in crypto without any knowledge of what it is is a terrible idea and someone should at least refrain from making their investment decisions on the basis of Super Bowl commercials if they insist on doing so.

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The following companies advertised during last year's Super Bowl: FTX, Coinbase, Crypto.com, and eToro.

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Before filing for bankruptcy, FTX ran an ad that featured Larry David, who was skeptical of investing in crypto after making several historical errors.

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Curb Your Enthusiasm creator and Seinfeld co-creator was right in this case. Over $8 billion of customers' money was lost by the company. As for FTX's cryptocurrency, FTT, a coin founded in late February 2022, now sells for under $2 per unit; in early February 2022, it had a price of around $45.

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Fraud and money laundering charges against company founder Sam Bankman-Fried could land him in prison for 115 years.

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A similar problem exists with Coinbase. The stock price of the company was over $200 a year ago. The stock price of Coinbase is currently $73.79 per share. By the end of the third quarter of 2022, the company will have lost over $500 million. A further 500,000 users were lost in that quarter, bringing the number down to 8.5 million from 9 million.

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In the meantime, Crypto.com's utility coin, Kronos, has lost value. An Australian woman mistakenly received more than $10 million from the website, which hired Matt Damon to represent its brand. This coin's value dropped from around $0.50 last year to about $0.08. Its price is now about six times lower than it was a year ago. An investment with a return of this magnitude is a terrible one.

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It is worth noting that eToro is not performing as poorly as the other three crypto companies, but its product is not the same as theirs. Furthermore, the company facilitates the purchase and sale of stocks as well as crypto. Two years before bitcoin was launched, it was already in existence. Although eToro does not prevent people from buying shoddy products on its platform, it started selling FTX's FTT coin last May.

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Make sure you do your research before investing your money, even if it relies on celebrity endorsements. Avoid making rash decisions based on the hype generated by advertisements.