Kate Winslet to star in a new movie about cryptocurrency

Photo: Andrea Raffin

One of the best ways to judge the popularity and success of any new venture, invention or product is to see how quickly it gets integrated into the popular culture of the time. Facebook and Apple are global behemoths today, and their rise can be charted by the fact that there have been big budget movies made on their founders and the path that led to those companies being created, as well as numerous books written on them as well. Of course, cryptocurrency is not a company or a person, but the acceptance and familiarity that people are having with this concept is increasing day by day, and the recent announcement that the Oscar winning actress Kate Winslet is set to star in a new movie about cryptocurrencies is sure to make even more people interested in this phenomenon than before.

For those who do not know, cryptocurrencies are basically decentralized currencies which are not issued by central banks, and so are theoretically outside their control. The prices and volumes cannot be manipulated, as they are controlled and monitored by central ledgers, also known as blockchain. The appeal of cryptocurrencies lies in this very fact, that they are decentralized and outside government control, with the most famous cryptocurrency, Bitcoin, slowly gaining acceptance as a form of payment across various merchants and services online. The upcoming movie, ‘Fake’, however, is about OneCoin and the Ponzi scheme for which it is famous. It is based on a book by Jen McAdam and Douglas Thompson, which tells the true story of McAdam’s role in the scheme, and she will also be an executive producer on the movie, which will be directed by Scott Burns, who also wrote ‘Contagion’, another movie which has Winslet in the cast. ‘Contagion’, released back in 2011, is oddly relevant in today’s time of a global pandemic, and the hope is that Burns can do a similarly excellent job on this movie, which tackles a huge menace in the cryptocurrency world: fraud.

While this upcoming movie may be showing the dark side of cryptocurrencies, as it were, in reality, a lot of sectors and industries are beginning to use cryptocurrencies legally, and are warming towards the idea of using blockchain for other purposes as well. This has largely been prevalent among sectors with a large online presence, as these are digital currencies, where the blockchain system underpinning cryptocurrencies makes it extremely difficult to hack, and it also makes transactions anonymous, which is a benefit that many users and merchants are looking for. Online casinos are some of the most popular outlets which have begun using cryptocurrencies, with every bitcoin casino having a chance to succeed as a result of these offers and schemes.

Movie fans will know that Winslet is a seven-time Oscar nominee, with a win in 2009 for her role in The Reader. Having an actress of that calibre and fame attached to this project will definitely create more awareness around cryptocurrencies, even though the OneCoin scam was one of the biggest in history, allegedly raking in more than $4 billion globally. McAdam is one of the victims of the scam, having invested together with family and friends and lost almost $300,000, and so the movie will probably tell the story from her point of view. Bulgarian companies OneCoin Limited and OneLife Network Ltd are behind this fraud, with Ruja Ignatova being the founder. Ignatova is on the run since 2017, while his associate Sebastien Greenwood was arrested in 2018, while Ruja’s brother, Konstantin Ignatov, was arrested in March 2019 and pleaded guilty to charges of fraud and money laundering.