Bitcoin vs Gold This Diwali, Starring Big B, Ranveer Singh.
Ahead of Diwali, two of Bollywood’s leaders are launching another option during India’s annual gold shopping spree: cryptocurrencies.
Ahead of Diwali, two of Bollywood’s leaders are launching another option during India’s annual gold shopping spree: cryptocurrencies.
India’s two major crypto platforms have tapped into the stars, one, Amitabh Bachchan, may be the most famous Indian actor of all time, to promote cryptocurrencies as a top and easy investment ahead of Dhanteras, the most auspicious day of the world.
Hindu calendar to buy gold or start new businesses. Indians have expanded their Diwali investments to include stocks, real estate, diamonds, and other assets.
Cryptocurrency exchanges such as CoinSwitch Kuber and Bangalore-based CoinDCX are promoting Bitcoin as another option. In a CoinSwitch ad, Ranveer Singh, star of some of the country’s biggest blockbusters, talks in Hindi about how simple cryptocurrency trading can be.
However, ease may not be the main concern. The Reserve Bank of India effectively banned cryptocurrency trading until the courts lifted the bans in March 2020. Since then, the government has flirted with cryptocurrency governance legislation that could change the landscape for investors.
Leveraging famous launchers helps propel cryptocurrencies into the mainstream and, particularly in the case of Bachchans, adds a measure of respectability.
In addition to a baritone voice of god, Bachchan has been the famous face of the campaign against bank, online and other fraud. Indias plans for a virtual rupee aside, the RBI remains critical of cryptocurrencies and advocates that the government ban them.
Over the weekend, officials met with Bachchan to reiterate his concerns, according to a person familiar with the development. The star said he would reconsider his relationship with CoinDCX, said the person, who asked not to be identified as the details are private.
Representatives for the central bank and CoinDCX did not respond to emails or questions. Calls and texts to Bachchan and his representative were not returned. Singh, the star of blockbusters like Padmaavat and Gully Boy, has a fan base that leans toward YOLO millennials as well as small-town Indians. The union of CoinSwitch is recent; the platform is the largest crypto portal in the country, with 10 million users so far.
Other Indian exchanges have attempted to demystify cryptocurrencies for first-time investors, making it possible to buy or sell with two or three clicks.
A host of global celebrities have championed digital currencies. In the US, soccer star Tom Brady and supermodel Gisele Bundchen have a stake in FTX and their co-star in their ad campaign. Paris Hilton, Kim Kardashian, and Snoop Dog have also endorsed various cryptocurrencies.
By at least one measure, launches work: About 45% of crypto investors said they would invest based on celebrity endorsement, according to a Morning Consult survey. Of investors overall, 20% said A-listers could influence them.
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