In the run-up to Diwali, two of Bollywood’s leading men choose another option during India’s annual gold shopping: cryptocurrencies.
Each of India’s top two crypto platforms has stars – one, Amitabh Bachchan, who may be the most popular Indian actor of all time – to promote cryptocurrencies as the highest and easiest investment, buy the very best day gold on the Hindu calendar or start new ventures. Indians have expanded their Diwali investments in stocks, real estate, diamonds and other assets.
Cryptocurrency exchanges such as Bangalore-based CoinSwitch Kuber and CoinDCX use Bitcoin as another option. In an ad for CoinSwitch, Ranveer Singh, the star of some of the biggest blockbusters in the country, gives a rap in Hindi about how simple crypto trading is.
Crypto Bole To CoinSwitch!
India K Subse Bad Crypto App For Lock Ja Na, Chot!
Download Tamil CoinSwitchKuber & Your crypto trip is just Rs. 100. #KuchTohBadlega#RanveerXCoinSwitchpic.twitter.com/UARczFV8Za
– Ranveer Singh (anRanveerOfficial) October 8, 2021
However, simplicity will not be a central concern. The Reserve Bank effectively banned cryptocurrency trading until March 2020, when the courts lifted the ban. After that, the government flirts with crypto management law that can change the landscape for investors.
Tapping celebrity pitchers helps push the crypto into the mainstream, especially in the case of Bachchan, adding a level of respectability. In addition to the voice-of-God baritone, Bachchan was the celebrity face of the Reserve Bank’s campaign against bank fraud, online and other.
Aside from India’s plans for a virtual rupee, the RBI criticizes cryptocurrencies and argues that the government should ban them. Over the weekend, officials met with Bachchan and reiterated its concerns, says a person familiar with the development. The star said he was reviewing his relationship with CoinDCX, but the person said he did not want to be identified because the details were private.
Representatives for the central bank and CoinDCX did not respond to messages or questions sent by email. Calls and text messages to Bachchan and his representative went unanswered.
The star of blockbusters like Singh, Padmavat and Kalli Boy, YOLO has an army of fans leaning towards millennials and small town Indians. CoinSwitch tie-up is recent; The site is the largest crypto portal in the country, with over 10 million users so far.
Other Indian transactions tried to exclude crypto for first investors so that they could buy or sell in two or three clicks.
Many celebrities around the world have made the case for digital currencies. In the United States, football star Tom Brady and supermodel Kisel Buntsen have partnered on FTX and Coaster in its promotional campaign. Paris Hilton, Kim Kardashian and Snoop Dogg have also recognized various crypto plays.
According to at least one measure, pitches work: About 45% of crypto investors say they invest based on a celebrity’s approval, according to a Morning Consult survey. Investors were very broad, with 20% saying they could replace themselves with A-listers.