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Crypto Ads Starring Matt Damon, Tom Brady Vanish From Television

Coinbase and others ratchet down their marketing as asset values fall, revenue shrinks.

A advertisement in Los Angeles earlier this year. 

A advertisement in Los Angeles earlier this year. 

Photographer: Bing Guan/Bloomberg

Matt Damon’s pitch to invest in crypto has disappeared from US television sets. Same goes for glitzy commercials starring LeBron James and Tom Brady.

The drop in national TV marketing by the industry in the US has coincided with the selloff in Bitcoin and other crypto assets, according to the TV-ad measurement company Inc., which tracks the spots. Damon’s commercial for, which ends with him uttering “fortune favors the brave,” last aired in February during the Super Bowl. The four-month national campaign cost an estimated $65 million, according to ISpot, exceeding the outlays by others in investment services, including giants such as Fidelity and Vanguard, over the same stretch.