Indian Influencers are stepping into the crypto industry, with the objective of spreading awareness amongst the youth. Now, the acceptance of digital tokens & cryptocurrencies by GenZ and Millenials is set to take crypto stats in India to the next level.
Coming all the way from 2018, after the crypto ban and criminal charges for digital asset trading, crypto trading has gained much more visibility and growth in the last few years. Since influencers are also one of the primary and most widespread sources of information and infotainment nowadays, this link between Indian influencers and crypto has the potential to regulate crypto amongst youth in the next few years.
CoinSwitch Kuber, a crypto trading app with an 11 million user base has recently signed up an admired Bollywood youth icon for the “Kuch to Badlega” (Something will change) ad campaign. Indian Crypto exchanges are doing everything in their power to bring young investors into the crypto ecosystem. They’re ringing in A-list Bollywood icons like Big B (Amitabh Bacchan) to youth icons like Ayushman Khurana as brand ambassadors to ensure that youth gets the maximum information and interest in crypto investing.
Indian Influences and crypto together have the potential to change the generic financial conventions. Popular influencers like Tanmay Bhat, Dolly Singh, Durjoy Dutta (Author), Mouni Roy (Actress), and Dinesh Karthik (Cricketer) have also jumped in on the crypto bandwagon. A Binance powered crypto exchange WazirX has stated that the involvement of influencers is laying a huge role in simplifying and breaking down the crypto technology for potential Indian investors. Nischal Shetty, the chief executive of WazirX has mentioned that their objective is not to promote ‘get-rich-quick schemes, but to spread information amongst the audience.
WazirX has recorded a growth of 2648% in new-user sign-ups in the last year.
Here’s a review of the WazirX NFT Marketplace
In my opinion, on the flip side, this extensive commercialization and brand advertisements can be misleading in some cases. Since media is one of the prime sources of information for the youth, big shot influencers and advertisements could drive the youth to invest without having proper knowledge and analyzing the risk factors. The flashy taglines and popular youth icons could influence the youth in a way that could lead them to neglect the risk factors that are not being portrayed enough.
In spite of the bruited cryptocurrency ban in India, both Indian influencers and crypto have been growing impeccably. Although we are still unsure about crypto regulations in India, we can expect a significant change in the conventional ways of financial methods in the coming years.
