Trust part II:
Every time you deposit money in a bank or into a investment account, you’re making a decision about trust. There are millions of banks, yet you choose Bank X. Why?
Maybe it’s because it’s close to home, or perhaps your employer recommended it. But I challenge you to think deeper.
Do you really trust that bank? Do you trust the people running it? They are the custodians of your money and the ones setting the rules on how you can access and spend it. Are you comfortable with that?
The case of FTX is a striking example. It’s a tragedy, but it perfectly illustrates how powerful marketing can shape trust in customers’ minds.
FTX was a cryptocurrency exchange and custodian, run by a young CEO who was spending clients’ money recklessly — eating pizza, hosting parties in the Bahamas, and gaming during meetings. Yet, at the same time, they were running Super Bowl ads featuring huge stars like Tom Brady and Stephen Curry.
As a customer, you see Tom Brady’s face and think, “This must be safe — if Tom Brady endorses it during the Super Bowl, it must be legit.” Wrong.
One year later, people are losing millions, all because of the irresponsible actions of a young CEO who deceived senior investors.
