Bollywood, the world’s largest film industry, is based in India. The Indian film industry has recently experienced a boom in popularity, with films grossing billions of dollars at the box office.
Now, it seems that Bollywood is turning its attention to Bitcoin. Several high-profile celebrities have begun investing in Bitcoin, and several films are now about digital currency.
One of the most popular Bollywood stars, Amitabh Bachchan, has invested in several Bitcoin startups like Meridian Tech Pte.
Salman Khan also has also entered into the crypto-verse by launching his Chulbul Pandey NFT collection on BollyCoin (a newly launched virtual assets marketplace).
Bollywood seems to take notice of Bitcoin, and we will likely see more investment from the industry in the future.
With the increasing popularity of Bitcoin, it is only a matter of time before Bollywood starts using digital currency more extensively. If you are planning to trade Bitcoin, you may consider using a reputable platform like bitcoinprime.software to help you in your trading journey.
A Bright Future Together for Bitcoin and Bollywood
Bitcoin and Bollywood are both exciting, fast-paced industries that are constantly evolving. And, as it turns out, they also have a bright future together.
Just like Hollywood, in recent years, Bollywood has also begun to embrace Bitcoin and cryptocurrency. Several major films have featured Bitcoin plotlines, with more and more Bollywood celebrities investing in Bitcoin and other digital assets.
Meanwhile, the Bitcoin industry is also taking note of Bollywood. India is now one of the most active countries in the Bitcoin space, with a growing number of exchanges, meetups, and startups.
3 Major Reasons Bitcoin and Bollywood may Collaborate
- First of all, both industries have a global outreach. Bollywood films are popular worldwide, and Bitcoin is a truly global currency.
- Second, Bollywood and Bitcoin are both disruptive forces. Bollywood is upending traditional ideas about Indian culture, while Bitcoin is doing the same for finance.
- Finally, Bollywood and Bitcoin are both increasing. Both industries have seen explosive growth in the past few years, and there’s no reason to believe this will slow down anytime soon.
However, only time will tell, if Bollywood and bitcoin may go far away together or not.
How is Bollywood capitalizing on the Bitcoin Craze
The Bitcoin craze has caught on in a big way in India, with several Bollywood celebrities endorsing various cryptocurrency exchanges and Initial Coin Offerings (ICOs). The most notable endorsement came from Amitabh Bachchan, who lent his name to the Indian crypto exchange Zebpay.
Big B has also launched its NFT collection recently.
According to Economic Times, Abhishek Bachchan along with his father Amitabh Bachchan has invested around $250,000 in a Singapore-based crypto firm called Meridian Tech Pte that offers microfinance using “cryptocurrencies across continents.”
Other celebrities who have jumped on the Bitcoin bandwagon include Anupam Kher, Paresh Rawal, and Mahesh Bhatt. Even cricketer Virat Kohli has invested in a Bitcoin startup.
This sudden interest in Bitcoin by Bollywood celebrities is not hard to find. With the Indian rupee losing value against the US dollar and the stock market in constant flux, more and more people are looking for alternative investment options.
So, it is no surprise that Bollywood celebrities are cashing in on the Bitcoin craze. By endorsing various cryptocurrency exchanges and ICOs, they are helping to promote these products and making a quick buck in the process.
3 Major Cons of Bitcoin Usage in the Bollywood Industry
#1. Bitcoin Getting Expensive
The value of the Indian rupee has dropped sharply against the US dollar, making it more expensive for Indians to buy Bitcoin. It has had a knock-on effect on the price of Bollywood films, as they are often sold in dollars.
The cost of running a Bollywood film studio has also increased in the last 10 years, as most of their employees are paid rupees. Now using cryptocurrency as a payment method would make it more expensive if everyone has to be paid in bitcoins.
#2. High Transfer Fee
Bitcoin or any cryptocurrency has a high transfer fee if compared with Indian digital payment systems. That makes it a costly affair in the distribution process.
#3. Highly Volatile Market
In addition, the volatile nature of Bitcoin means that investors are reluctant to invest in Bollywood films, as they could lose a lot of money if the value of Bitcoin falls. As a result, the Bollywood entertainment industry struggles to keep up with the global film industry.
The Bollywood entertainment industry is vast, and it’s no surprise Bitcoin has begun to make inroads here. While still in its early stages, we already see some notable examples of Bitcoin adoption in the industry.
For instance, famous Indian actor Big B has appeared in an ad for a Bitcoin exchange, and there are rumors that the industry is considering using Bitcoin to pay actors and other staff.
With its vast potential market and growing interest from both consumers and businesses, we can only expect to see more Bitcoin adoption in this sector in the future.