Posted on December 12, 2020 at 9:27 pm

Bollywood

How did it happen that Bollywood was obsessed with cryptocurrency and what does Amit Bhardwaj have to do with it?

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Bitcoin is definitely the new fad or ‘in’ thing in the world at the moment, and that bears true in the world of glamour and movies as well. Celebrities are always quick to latch onto the latest trends in order to stay relevant, but also on the lookout for great business opportunities. Bitcoin offers the perfect option in that regard, as it has yielded high returns over the last few years, even if it is quite volatile, and therefore it is perhaps no surprise that actors and actresses from Bollywood, the Mumbai film industry, are also flocking to bitcoin and cryptocurrencies.

Some of the names doing the rounds in terms of bitcoin investors include Neha Dhupia, Huma Qureshi, Shilpa Shetty and Raj Kundra, Vir Das, Nargis Fakhri and Prachi Desai. At the same time, many Bollywood magazines and online portals have been carrying articles discussing investing in bitcoin and other cryptocurrencies. This is also perhaps driving a lot of the interest among celebrities in India, and a lot of these articles are placed and backed by portals and exchanges such as Unocoin, which may explain the boom in terms of coverage. Peer pressure seems to be playing a role as well. Amit Bharadwaj, the founder of AmazeMiners, an alt-coin mining company, wrote ‘Cryptocurrencies for Beginners’, which seems to be fuelling a lot of the conversation and interest around cryptocurrencies among celebrities. There have been concerns around Bharadwaj’s abilities and authenticity, but at the moment, no charges have been proved. He is also the founder of MCAP Labs, which aims to promote standard practice in the world of ICOs and cryptocurrencies, and Gainbitcoin, which operates a cloud mining service.

In general, cryptocurrencies and blockchain are riding on a wave of public interest at the moment. Many countries are now beginning to loosen restrictions, having originally opposed the spread of cryptocurrencies in their economies, while they are also understanding the potential benefits that blockchain can bring. One of the biggest advantages is the security that using blockchain for transactions brings, since it is nearly impossible to carry out fraudulent transactions or hack those transactions, which is why a lot of online casinos have been accepting cryptocurrencies as a payment method over the last couple of years. The role of cryptocurrency in online gambling is expected to increase even more in 2021, as more and more people begin to show interest in cryptocurrencies, while there has also been a huge rise in the number of people looking at online gambling this year due to the various issues that have been caused due to the pandemic.

This means that crypto will steadily continue to become a part of our daily lives, which will make it more attractive as an investment. The climate for crypto investments is changing in India as well, due to the recent ruling by the Supreme Court which allowed banks to operate with crypto platforms. This has led to many digital exchanges to be based out of India, which has made it easier for Indians to invest in cryptocurrencies. According to some estimates, there are over 1 million crypto investors in India already, and that number is surely set to increase over the next couple of years, as more and more people become aware of this asset. The interest from some Bollywood celebrities will also drive this, especially in terms of awareness, and it would be no surprise if many of them began to invest their money heavily into crypto assets as well, which would fuel the crypto economy in the country and also drive more investment.

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