This headline might be a little harsh. But I wasn’t stupid enough to invest in the latest snake oil for gullible consumers—cryptocurrencies.
The early hype began in 2008 with a promotion for Bitcoin. It was touted as an easy one-to-one financial transaction without having to rely on a third-party mediator.
As the digital alternatives to paper money grew in popularity and attracted an ever-increasing number of investors, there were cautionary voices from both established investment firms and policy think tanks.
Sure enough, this year the bubble burst and several cryptocurrency companies went belly up.
The most spectacular crash, of course, was FTX and the domino effect toppled fellow crypto company BlockFi.
Angered by their foolish investments, some investments have filed lawsuits claiming they were persuaded the rich and famous.
Some lifelong fans of the New England Patriots’ quarterback apparently foolishly believed that because Brady could toss a football well that he could also pitch financial advice.
Now Florida attorney Adam Moskowitz believes that Brady and other celebrities should be penalized for enticing people with more money than sense to invest their money in crypto.
But are Brady, NBA basketball star Steph Curry and purported financial whiz Kevin O’Leary guilty for suggesting to unthinking Americans that digital money are really sound investments?
Although advertisers and famous persons must abide by specific endorsement rules established by the Federal Trade Commission (FTC), any one with an ounce of intelligence would know that Brady and most other rich and famous are not experts about the products or services in their TV ads.
These folks are paid to appear in commercials. And in some instances, they do, in fact, use these products or services.
But let’s be clear the celebrities are first and foremost interest in earning money for being in these television spots. They don’t care about our welfare.
Our financial adviser never suggested that we park our money in crypto. And we trust his recommendations fare more than Brady, Curry or even O’Leary.