Cryptocurrencies being marketed like soap & shampoo, celebrities add to crypto aura but so are the risks

New Delhi: Cryptocurrencies have emerged as flavour of the season, with new and young investors taking a keen interest in stock and commodities trading. Thrust on digital currency inventories and the availability of trading platforms on mobiles has broadened and enhanced its reach among traders. Further enhancing its outreach among investors is the marketing strategy. Today, cryptocurrencies are being marketed like soap and cosmetic items like hair oil, shampoo and other daily essentials.

According to a leading portal, several crypto exchanges have lately tied up with celebrities ranging from various fields including sports, entertainment & social media influencers.

These celebrities work with marketing campaigns to expand the crypto investments on the internet. Mostly run by exchanges like CoinDCX and CoinSwitch Kuber, these campaigns often have celebrities explaining about financial literacy and also motivating youth to be part of this emerging new asset class. These campaigns, at times, also offer exchange coupons for crypto coins, to lure maximum viewers.

Many noted celebrities are part of this crypto-marketing campaign. As per the portal, Bollywood actors like Manoj Bajpayee, Radhika Apte, comedians like Tanmay Bhat have been roped in the past for infusing life & vigour into the crypto campaign.

 

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A post shared by Tanmay Bhat (@tanmaybhat)

YouTube sensation Ashish Chanchalani, vlogger Vishnu Kaushal, cricketers like Dinesh Kartik & Ishant Sharma have also been part of such campaigns.

 

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A post shared by Radhika (@radhikaofficial)

Cryptocurrency promotion via celebrities

CoinSwitch Kuber, a Bengaluru-based crypto exchange launched campaign named #makeaswitch and #tradeKarBefikar early this year and had many celebrities attached to the campaign for endorsing it.

https://twitter.com/CoinSwitchKuber/status/1423954698026037249

CoinDCX, one of the largest crypto exchanges in the country, launched campaign named #BitcoinLiyaKya to lure new investors. It also offered free bitcoins worth Rs 100 through a voucher code and announced that few winners would get 1 bitcoin, as prize money.

https://twitter.com/CoinDCX/status/1422897610046722051

Risky side of crypto trade

Crypto exchanges, in partnership with celebrities, run campaigns to drum up their businesses but these are equally laced with risks. So, young and novice traders should be extra careful as the crypto market is still unregulated in India.

These promotional campaigns give a rosy picture of the crypto market and ways & means to become rick quickly but don’t offer any peek into the gullible world, fraught with risks, of digital currency.