Crypto-promoting athletes go quiet during crash

People Attend Crypto Expo Amid Huge Drop In Valuations
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One of Tom Brady‘s favorite products to push on the public is cryptocurrency. Recently, however, crypto has been crashing.

The New York Times recently explained that some of the highest-profile athletes who have promoted cryptocurrency have clammed up during the sell-off.

For example, Crypto.com declined to make 76ers center Joel Embiid available to the Times to discuss his partnership with the company. Efforts by the Times to secure comment from Lakers star LeBron James, who starred in the Crypto.com Super Bowl commercial earlier this year, were unsuccessful. Tennis star Naomi Osaka, an “ambassador” for the crypto exchange FTX, “sadly is overseas and not available,” the Times was told.

Brady hasn’t been spoken about crypto during the crash. He last tweeted about his FTX partnership on April 27.

Regardless of whether crypto inherently operates as a Ponzi scheme (some experts say it “encourages evangelism“) or merely provides the context for Ponzi schemes to emerge, the whole industry seems to be premised on the notion that, the earlier you buy, the more money you’ll make as the value goes up.

As a result, the first ones in get paid, and the last ones in potentially get screwed.

A sell-off is basically a reset of the entire market, where the winners take their profits and the losers count their losses. Then, once it all bottoms out, the smart money gets back in.

Once they do, that’s when everyone else will be told to buy, buy, and buy some more — laying the foundation for the profits that will be harvested at the next crash.

So keep that in mind whenever you hear Matt Damon (or maybe it’s Mark Wahlberg; I can never tell) starts telling you once again that fortune favors the brave.

Perhaps the more accurate saying  is the epigraph to The Godfather: “Behind every great fortune there is a crime.”

A crime may be in front of every great fortune, too. Especially after the sell-off ends and the evangelism starts all over again.

17 responses to “Crypto-promoting athletes go quiet during crash

  1. Oligarch Brady has no business running his mouth about things he knows absolutely nothing about here.

    Anyone taking financial advice from a guy who is married to someone who makes more than he does, is a total moron.

    Brady may be a great QB, but not much more. He probably doesn’t even read nonfiction books, for example. I am not taking my cues from someone like that.

  2. When something like this goes mainstream and you see celebrities on TV promoting it, the time to make money has long been over.

  3. Looks like the players I loathe are all in on crypto. I hope they lost millions.

  4. Very easy to hate on things you don’t understand but blockchain technology is the future. Get on board now or cry later

  5. It’s not a Ponzi scheme at all. More like “multi-Level-marketing” aka a Pyramid scheme!

  6. Anyone who takes investment advice from current or former football players deserves the inevitable results.

  7. And that is why you do not take life, investment or political advise from celebrities

  8. The richer these celebrities got, the more political with their opinions they became. They start to lose money, the quieter they’ll get because they will again need to kiss up to you and me to make more money and they don’t want to antagonize the money stream.

  9. While crypto is falling…even crashing you might say…other traditional stocks are also falling…crashing. So let’s not pretend that current athletes have been promoting snake oil while we ignore those in the past that have done the same.

    Roger Staubach made a killing selling life insurance to the regular guy…yes life insurance. Remember the broo-ha-ha back in the 1980/90’s over Whole Life savings accounts and their real value to the investor?

    Steve Young selling private equity funds under his claim of these funds being a “Science Project” (his quote). Then ask him about the $100m settlement his company made for fraud.

    Alex Rodriguez selling any number of different “investments” under the roof of A-Rod Inc.

    You could go on and on with names of athletes who have promoted or even owned companies with great “investment opportunities”. And there is nothing wrong with that. The devil here isn’t crypto. The devil is greed.

  10. Buy the dip. Bitcoin at half price! And it’s still 5 times as much as it was 2 years ago…

  11. Crypto IS a Ponzi scheme. The only people that profit are those that get in early, buy when the crypto is cheap and then get out before it crashes.

  12. They use to say when you were getting stock tips for taxi cab drivers it was time to get out of the market. Well I guess you can say the same for pro athletes. It however is not a ponzi scheme . There is a big difference. If all of these player held they investments they lost just like the rest of them. You can say the same thing about the stock market then.

  13. The entire economy is crashing and the stock market is doing terribly, and it makes sense that crypto would not only go down with it but take larger hits because of it’s already volatile past. Everyone involved in it knows it is inherently risky. Not a single person who buys it doesn’t know it is a big risk.

  14. It was reported that Odell Beckham Jr. received his Rams salary in crypto currency. I really would like to hear from him how that worked out.

  15. I’ll stick to precious metals gold and palladium have had huge gains since the 2000s.

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