During a sketch on Weekend Update where Musk's character admitted cryptocurrency was 'a scam,' the price of Dogecoin dropped by 40 percent in the following hours. Writer Jon Schwarz was one of the first to point out the fall from grace on Twitter, as his assessment got over 30,000 likes, comments and retweets.ĭamon isn't the only one to be accused of affecting the value of cryptocurrencies.Įlon Musk's appearance on Saturday Night Live didn't have the desired effect for his currency of choice, Dogecoin. To put this in context, if you invested $1,000 in Bitcoin on Octoand didn't touch the investment from there, that Bitcoin would now be worth $369.80.

Anyone wanting to return to the full value of their initial investment would need the price of Bitcoin to increase by 170.58 percent. The current market cap stands at $68.02 billion.Īnyone who invested on the day Damon's ad launched and held on to their investment for all this time, will have seen a loss of 63.04 percent. As of Tuesday June 14, it is worth $22,404.78. While there was a slight increase in its value in the days following the release of the ad, the current price of Bitcoin is a shell of its former self. At that point in time, Bitcoin also had a total market cap of $1.14 trillion. How much has Bitcoin dropped since Matt Damon promoted it?ĭamon's ad aired for the first time on Octowhen the price of Bitcoin was $60,622.14. Here's how much an investor will have lost since Damon promoted the cryptocurrency exchange company,.

The value of Bitcoin and other major cryptocurrencies have faced a gradual decline since then, and anyone who was convinced to invest by Damon will be cursing their decisions today. Matt Damon starred in a now-famous ad for which aired on October 28, 2021.

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