Cryptocurrency boost: Bitcoin takes on gold for Diwali, helped by Bollywood stars

India’s top two cryptocurrency platforms have each tapped stars– one, Amitabh Bachchan, may be the most notorious Indian actor of all time– to promote cryptocurrencies as a superior and easy investment ahead of Dhanteras, the auspicious first day of the vacation, when buyers traditionally splurge on gold. Indians have expanded their Diwali investments to include stocks, real estate, diamonds and other means.

Cryptocurrency exchanges like Bangalore- grounded CoinSwitch Kuber and CoinDCX are touting Bitcoin as another option. In an announcement for CoinSwitch, Ranveer Singh, star of some of the country’s biggest blockbusters, delivers a rap in Hindi about just how simple crypto trading can be.

Ease, however, may not be the central concern. The Reserve Bank of India effectively banned cryptocurrency trading until the courts lifted the proscriptions in March 2020. Since also, the government has flirted with crypto governance legislation that could change the geography for investors.

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

India’s plans for a virtual rupee away, the RBI remains critical of cryptocurrencies, championing that the government ban them. Over the weekend, officers met with Bachchan to reiterate its enterprises, according to a person familiar with the development. The star said he ’d review his relationship with CoinDCX, the person said, asking not to be linked as the details are private.

Representatives for the central bank and CoinDCX didn’t respond to dispatches or to questions transferred by dispatch. Calls and textbook dispatches to Bachchan and his representative were n’t answered.

Singh, the star of blockbusters like Padmaavat and Gully Boy, has a addict base that skews toward YOLO millennials as well as small- city Indians. The CoinSwitch tie-up is recent; the platform is the country’s largest crypto gate, with 10 million druggies so far.

Other Indian exchanges have tried to clarify crypto for first- time investors, making it possible to buy or vend with two or three clicks.

A slew of global celebrities have made the case for digital coins. In theU.S., football star Tom Brady and supermodel Gisele Bundchen have a stake in FTX and costar in its announcement crusade. Paris Hilton, Kim Kardashian and Snoop Dogg have also championed colorful crypto plays.

According to at least one dimension, the pitches work some 45 of crypto investors said they ’d invest grounded on a celebrity’s countersign, according to a check by Morning Consult. Of investors more astronomically, 20 said they could be swayed byA-listers.

Follow HT Tech for the rearmost tech news and reviews, also keep up with us on Twitter, Facebook, and Instagram. For our rearmost vids, subscribe to our YouTube channel.