‘Crypto bole toh’: Bitcoin takes gold for Diwali, helped by movie stars

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Ahead of Diwali, two of Bollywood’s leading men offer another option during India’s annual gold-buying frenzy: cryptocurrencies.

India’s two major crypto platforms have each appealed to stars – one, Amitabh Bachchan, perhaps the most famous Indian actor of all time – to promote cryptocurrency as an investment superior and easy before Dhanteras, the auspicious first day of the holiday, when buyers traditionally splurge on gold. Indians have extended their investments in Diwali to include stocks, real estate, diamonds and other assets.

Cryptocurrency exchanges like CoinSwitch Kuber and CoinDCX based in Bangalore present Bitcoin as another option. In an advertisement for CoinSwitch, Ranveer Singh, star of some of the nation’s biggest blockbusters, delivers a Hindi rap about the simplicity of crypto trading.

Crypto bole at CoinSwitch!

India ke sabse bade crypto app by lag jaa na, chhote! Download @CoinSwitchKuber and start your crypto journey with just Rs. 100. #KuchTohBadega #RanveerXCoinSwitch pic.twitter.com/UARczFV8Za – Ranveer Singh (@RanveerOfficial) October 8, 2021

Ease, however, may not be the central concern. The Reserve Bank of India effectively banned cryptocurrency trading until the courts lift the bans in March 2020. Since then, the government has flirted with crypto governance legislation that could change the landscape for Investors.

Tapping into celebrity pitchmen helps push crypto into the mainstream and, particularly in Bachchan’s case, adds a measure of respectability. In addition to being a baritone god voice, Bachchan has been the famous face of the RBI’s campaign against bank fraud, online and otherwise.

ALSO READ: Crypto startup CoinSwitch Kuber is India’s 30th unicorn with $ 260 million in funding

Aside from India’s plans for a virtual rupee, the RBI remains critical of cryptocurrencies, advocating 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, the person said, asking not to be identified as the details are private.

Representatives of the central bank and CoinDCX did not respond to messages or questions sent by email. Calls and texts to Bachchan and his representative were not answered.

Singh, the star of blockbusters like Padmaavat and Gully Boy, has a fan base that leans towards YOLO millennials as well as small town Indians. The merger with CoinSwitch is recent; the platform is the country’s largest crypto portal, with 10 million users to date.

Other Indian exchanges have attempted to demystify crypto for new investors, making it possible to buy or sell in two or three clicks.

A large number of global celebrities have advocated for digital coins. In the United States, soccer star Tom Brady and model Gisele Bundchen have a stake in FTX and co-star in its advertising campaign. Paris Hilton, Kim Kardashian, and Snoop Dog have also endorsed various crypto games.

By at least one metric, pitches are working: About 45% of crypto investors said they would invest based on celebrity approval, according to a Morning Consult poll. Among investors more generally, 20% said they could be influenced by A-listers.

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