Bitcoin vs Gold This Diwali: Ahead of Diwali, two of Bollywood’s leading men are pitching another option during India’s annual gold shopping spree: cryptocurrencies.
India’s top two crypto platforms have each tapped stars — one, Amitabh Bachchan, may be the most famous Indian actor of all time — to promote cryptocurrencies as a superior and easy investment ahead of Dhanteras, the most auspicious day in the Hindu calendar to buy gold or start new ventures. Indians have expanded their Diwali investments to include stocks, real estate, diamonds and other assets.
Cryptocurrency exchanges like Bangalore-based CoinSwitch Kuber and CoinDCX are touting Bitcoin as another option. In an advertisement 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.
Crypto bole toh CoinSwitch!
India ke sabse bade crypto app par lag jaa na, chhote!
Download @CoinSwitchKuber & start your crypto journey with just Rs. 100. #KuchTohBadlega #RanveerXCoinSwitch pic.twitter.com/UARczFV8Za
— Ranveer Singh (@RanveerOfficial) October 8, 2021
Ease, though, may not be the central concern. The Reserve Bank of India effectively banned cryptocurrency trading until the courts lifted the prohibitions in March 2020. Since then, the government has flirted with crypto governance legislation that could change the landscape 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 campaign against banking fraud, online and otherwise.
India’s plans for a virtual rupee aside, the RBI remains critical of cryptocurrencies, advocating that the government ban them. Over the weekend, officials met with Bachchan to reiterate its concerns, according to a person familiar with the development. The star said he’d reconsider his relationship with CoinDCX, the person said, asking not to be identified as the details are private
Comparison between gold and cryptocurrency
- On the basis of legality, transparency and safety, gold ranks above cryptocurrency.
- In terms of rarity, both are rare.
- As far as liquidity is concerned, both are good.
- Talking about volatility, Bitcoin is much more volatile as compared with gold. The yellow metal has a long history of being less volatile than crypto.
- Gold has an unmatched accessibility to people of all economic stan .