As Diwali approaches, which is considered a great Indian and Hindu festival of lights, Bollywood stars are talking about the fact that it is now possible to make annual purchases using cryptocurrency.
The popularization of bitcoin (BTC) and other cryptocurrencies
According to information from Business Standard, major Indian cryptocurrency platforms have enlisted Bollywood stars to promote bitcoin and other digital assets as alternatives to cash for purchases. CoinSwitch Kuber, which has its office in Bangalore, has partnered with Ranveer Singh. The actor, who has played a number of leading roles, spoke about how easy it is to shop with cryptocurrency.
The second platform was CoinDCX. She hired one of India’s most famous actors, Amitabh Bachchan, to promote bitcoin. The video with him was posted before Dhanteras, the first day of the holiday where locals traditionally buy gold products. The aim was to show that cryptocurrencies can be considered risk-free as assets equivalent to precious metals, diamonds and real estate.
However, the main goal of crypto platforms was not to show the ease of use of virtual currency, but to popularize it, especially in the context where the Reserve Bank of India (RBI) has banned cryptocurrency trading. In March of last year, the ban was lifted by a court ruling, but the government began to influence investors through legislation. Major cryptocurrency platforms have decided to bring in celebrities to draw attention to digital assets and give them some respectability. Especially since Bachchan had already appeared several times in RBI videos to denounce online banking fraud.
Unlike Bachchan, Singh has no plans to change his stance. He continues to actively disseminate information about cryptocurrencies on social networks. The actor has many fans, especially among young people.
Many Indian exchanges are trying to promote cryptocurrency by making it accessible and easy for beginner investors. Global celebrities are also supportive of digital assets. As an example, American football star Tom Brady and supermodel Gisele Bündchen are involved in the American FTX advertising campaign, in which they own a stake. Paris Hilton, Kim Kardashian and Snoop Dogg are also involved in various promotions.
Because of this active promotion, many investors are turning to the very assets that the world stars are talking about. We will continue to follow the development of the cryptocurrency market in India and other countries around the world.
I like cryptocurrency. I’ve been studying it for several years now, but also investing in it and working in this field. In addition, I do articles on the subject where I try to be crisp!
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.