Why are Bollywood celebrities so interested in bitcoins?

Why are Bollywood celebrities so interested in bitcoins?

With the recent boom of bitcoins/cryptoasset market, many are deeply engrossed in this new “in” thing. Bitcoins/cryptoassets are digital, decentralized medium of exchange that you can earn through mining. Not the physically digging kind! But the one that involves solving complex algorithms and mathematical problems.

This asset gives the user an anonymity unheard of in our traditional banking system — giving it an edge over fiat currencies. Further, the volatile nature of bitcoins (which seems to be only experiencing upswing since the launch of the asset) also makes it an eye candy for investors.

Amidst all this hullabaloo, even celebrities have caught on to this craze of investing in Bitcoins. And why not? It is the future of trading, so it’s better to fasten your seatbelts and prepare yourself for the launch into a new era. From multiple sources on the internet, it can be seen that a lot of B-town celebs have jumped on to the crypto-investment bandwagon. Some of the prominent names are MTV Roadies’ host Neha Dhupia, Gangs of Wasseypur 2’s female lead Huma Qureshi, internationally famed stand-up comedian Vir Das, power couple of IPL Raj and Shilpa Shetty Kundra, Ranbir Kapoor starrer Rockstar’s female lead Nargis Fakhri, and beloved bahu of Indian TV Industry Prachi Desai.

Why this new wave of celebrity investment?

A lot of Bollywood magazines and portals have been talking about investments in bitcoins and cryptoassets. That seems to be one of the most prominent reasons for the new wave of celebrity investment in this grey unregulated economy. A lot of these websites have publicised the names of several exchanges/portals like Unocoin where you can initiate your investments.

Even Bollywood celebs are influenced by peer pressure! Amit Bharadwaj, the founder of Amazing Mining and Research Limited wrote “Cryptoasset for Beginners.” This piece seems to have educated and inspired a lot of celebs about bitcoins and cryptoassets, so much so, that they see it as a viable investment option and are spending money on it. As far as the genuineness of Amit Bharadwaj is concerned, it seems to be slightly murky with general investors but he seems to have inspired a lot of people. No charges against him have been proved or verified that show him in a bad light.

Looking beyond the trend

We need not just look at the trend that B-town celebs are following, but also take a step back and take a look at the bigger picture. Bitcoins are not illegal, while they are unregulated. Being a decentralized asset no government has any control over it, as opposed to fiat currencies which they can inflate or deflate at any time. So while governments may not shift to completely cryptoasset based economies any time soon, they may just recognize it as a digital asset. In his recent speech in the Budget Session at the Parliament Hon’ble Finance Minister Mr. Arun Jaitley had clarified it to the people that the government does not recognize Bitoin as a asset, but that isn’t a change from their previous stance at all.

Think like a smart investor

Just like with any investment instrument, you must keep all the facts at hand. At the same time, don’t assume that just because you didn’t enter the market before today, it is too late to see some returns. Figure out your risk appetite, start small and take some calculated risks only after researching about cryptoassets independently.

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