Business & Investment

‘Crypto bole toh’: Bitcoin wins gold for Diwali with the help of movie stars

Prior to Diwali, two Bollywood men are proposing another option during India’s annual gold shopping. It’s a cryptocurrency.

Each of India’s top two crypto platforms has a star-one Amitabh Bachchan may be the most famous Indian actor in history-a good and easy investment ahead of Dhanteras, the auspicious first day of the holidays. Promote cryptocurrencies as buyers traditionally consume large amounts of gold. Indians have expanded their investment in Diwali to include stocks, real estate, diamonds and other assets.

Exchanges such as Bangalore-based CoinSwitchKuber and CoinDCX are marketing Bitcoin as another option. In a CoinSwitch ad, Ranveer Singh, the country’s biggest blockbuster star, will deliver a wrap in Hindi about how easy crypto trading is.

However, ease of use may not be a central concern.Reserve Bank of India is virtually banned We were trading until the court lifted the ban in March 2020. Since then, the government has been plagued by cryptocurrency governance legislation that could change the situation for investors.

Tapping a celebrity pitchman helps push crypto into the mainstream, adding a measure of respect, especially for Bat Trang. In addition to the divine voice baritone, Bachchan was the face of a celebrity in RBI’s campaign against online and other bank fraud.

Read again: Cryptocurrency startup CoinSwitch Kuber is the 30th Indian unicorn to fund $ 260 million

Aside from India’s plans for virtual rupees, the RBI remains critical of cryptocurrencies and advocates a government ban on them. Authorities met with Bat Trang over the weekend and repeated concerns, according to people familiar with the development. Star said he would reconsider his relationship with CoinDCX and asked him not to identify the details as they were private.

Central bank and CoinDCX representatives did not respond to emailed messages or questions. Calls and text messages to Bat Trang and his representative were unanswered.

Blockbuster stars like Padmaavat and Garry Boy have a fan base biased towards YOLO millennials and Indians in small towns. The CoinSwitch partnership is recent. The platform is the largest crypto portal in the country and has 10 million users so far.

Other Indian exchanges have sought to unravel the crypto mystery for first-time investors, allowing them to buy and sell with a few clicks.

Many world-famous people favor digital coins. In the United States, football star Tom Brady and supermodel Gisele Bundchen have invested in FTX and co-stars in an advertising campaign. Paris Hilton, Kim Kardashian and Snoop Dogg have also approved the play of various cryptocurrencies.

According to at least one measurement, marketing works. According to a Morning Consult survey, about 45% of crypto investors say they invest with the support of celebrities. More broadly, 20% of investors say they can be influenced by A-listers.

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‘Crypto bole toh’: Bitcoin wins gold for Diwali with the help of movie stars

https://www.business-standard.com/article/markets/cryptocurrencies-push-into-mainstream-helped-by-top-bollywood-stars-121101400135_1.html ‘Crypto bole toh’: Bitcoin wins gold for Diwali with the help of movie stars

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