FOMO, celebs and risk: How the world of cryptocurrency is changing culture

The marketing of crypto brands is smashing the finance mould, and having a wider impact on culture. Here, Chinmay Karandikar, group planning manager at dentsuMB Mumbai, reflects on the changes

Cryptocurrency is everywhere. It is the buzziest asset, shaking up the art market, worrying policymakers, enriching gamers, and emitting tons of CO2. But its rise beyond the spreadsheets is also changing power dynamics, behaviours, and beliefs.

Crypto is a social phenomenon first and an investment instrument later. The big influencers in this sector aren’t experts in suits. They’re just, well, influencers. Elon Musk, the president of El Salvador, and Indian cricketers are driving the conversation. FOMO matters as much as ROI. 

The social breeding ground of crypto makes investors here deliberate in their collective action. They challenge and entice each other on forums, leading to outsized amplification of every idea. An interesting parallel is the Gamestop short squeeze in 2021. In their conviction, many little guys acting together like one really big guy made the hedge funds fold and the world take notice. Underestimate their collective power at your peril.

When access and influence combine, they amplify, not just the new