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Before Dhanteras, the auspicious first day of the holiday, when buyers traditionally spend money on gold, the top two Indian cryptocurrency firms use Bollywood celebs to get Diwali gold purchasers to switch to Bitcoin.
Indians’ Diwali investments have extended to include stocks, real estate, jewels, and other valuables.
Indian Cryptocurrency Firms Tries to Get Gold Purchasers Switch to Bitcoin Through Bollywood Celebs
Ahead of Diwali, two Bollywood sensation celebs are promoting cryptocurrency as an alternative to India’s annual gold spending binge.
Bitcoin, the world’s largest cryptocurrency is promoted as an alternative by CoinSwitch Kuber and CoinDCX, Bangalore-based cryptocurrency exchanges.
In a CoinSwitch promo, Ranveer Singh, India’s biggest superstar, raps in Hindi on how simple cryptocurrency trading can be.
Using celebrities as pitchmen helps to bring cryptocurrencies into the public and, in Bachchan's case, lends a level of credibility to the technology.
RBI Continues To Be Sceptical Of Cryptocurrencies
Aside from India's ambitions for a virtual rupee, the RBI continues to be hostile to cryptocurrencies, calling for the government to outlaw them.
According to a person familiar with the situation, authorities met with Bachchan over the weekend to voice their concerns.
The celebrity indicated he'd reevaluate his partnership with CoinDCX, according to the source, who asked not to be identified since the specifics are private.
Representatives from the central bank and CoinDCX did not reply to texts or emails. Calls and texts to Bachchan and his representative were not returned.
Ranveer Singh, the star of blockbusters such as Padmaavat and Gully Boy, has a fan base that is split between YOLO millennials and small-town Indians.
Other Indian exchanges have sought to simplify Bitcoin for first-time investors by allowing them to purchase or sell with just two or three clicks.
According to a Morning Consult poll, 45% of cryptocurrency investors indicated they would buy based on a celebrity's recommendation.
In the United States, football player Tom Brady and supermodel Gisele Bundchen own shares in FTX and appear in its advertising campaign. Paris Hilton, Kim Kardashian, and Snoop Dog have all encouraged Bitcoin investments.