Andy Bell, founder and chief executive of leading investment platform AJ Bell, said Hollywood actors should not be giving investment advice.
Gwyneth Paltrow, Reese Witherspoon and footballers John Terry and Paul Pogba have all lately been endorsing crypto investment. Matt Damon told viewers that "fortune favours the brave" in an ad for crypto.com.
Analysis shows that those who followed the advice of the celebrities have lost half their money.
The crypto market has soared in popularity with 2.3 million Britons taking punts. Lately, the coins have crashed with $200 billion wiped off their value in a single day last week. Bitcoin, the best known, has halved in six months.
The celebs have been pilloried for failing to say anything after the crash in the value of what they were promoting.
This story is from the May 26, 2022 edition of Evening Standard.
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This story is from the May 26, 2022 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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