Botad Bulls: How Crypto Won Over a Small Indian City

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As an analyst with a decade-long career in financial markets, I have seen my fair share of market trends and shifts. However, the story of Botad, a small city in Gujarat, India, has left me utterly intrigued and amazed.

To find Botad on a map of India, one should travel westward towards Gujarat, the country’s western border, as this modest city lies nestled along the Ahmedabad-Bhavnagar highway in close proximity. Being situated within Gujarat’s Saurashtra region, Botad mirrors many other cities across India with a small population, narrow roads, lively markets, and limited recreational activities.

However, just like other cities in India, Botad may seem ordinary to some, as it’s not widely recognized for its recent fascination.

Over Botad, as the sun dips below the horizon in December’s chill, a whispering wind carries the laughter and conversation of a cluster of companions relaxing at a nearby roadside tea shop. The inviting scent of the evening brew permeates the atmosphere, while they share updates on their careers, relationships, politics, and cryptocurrency. Indeed, you guessed it!

In the bustling town of Botad, cryptocurrencies have sparked a frenzy. According to a report titled “How India Invests in Crypto 2024” by CoinSwitch, an Indian crypto exchange, Botad is one of the leading cities in India when it comes to crypto investors. The report places Botad at the tenth position, contributing approximately 1.9% to the over 20 million crypto investors across India.

As it turns out, significant urban centers such as Ahmedabad, Surat, Rajkot, and Vadodara were not included among the top ten rankings. Instead, Delhi-NCR took the lead with 20.1%, followed by Bengaluru at 9.6%, Mumbai at 6.5%, Hyderabad at 5.1%, Pune at 3.5%, Jaipur at 3.3%, Thane at 2.6%, Kolkata at 2.1%, and Bhopal at 1.9%. The remaining cities accounted for a substantial 42.9% according to the survey findings.

According to a report from CoinSwitch, approximately 38,000 cryptocurrency investors reside in the town of Botad, which has a total population of over 1.3 million people, according to the 2011 census.

In the quiet town of Botad, predominantly inhabited by farmers and small business owners, we’re curious about the recent changes. Following the release of the CoinSwitch report, The Crypto Times sought insights from various residents of Botad to learn more about the massive shift towards cryptocurrency and the stealthy crypto revolution taking place in this humble community.

Botad: Cha, Mawa and Crypto

The town of Botad lies at the junction where the River Utavali flows, interestingly, ‘Utavali’ means ‘impatient’ or ‘hasty’ in Hindi. However, contrary to its name, Botad shows remarkable patience and carefulness, particularly when it comes to crypto investments.

20% of people from Botad town, as per the CoinSwitch survey findings, are long-term holders of cryptocurrencies. Interestingly, 24% of these crypto investors have put their money in blue-chip coins (cryptos with a market cap exceeding $50 Billion like Bitcoin), while 40% have chosen to invest in large cap category coins (coins with a market cap between $1 Billion and $50 Billion). However, these numbers only present a part of the entire picture.

31-year-old Keval, a trader hailing from Botad, enjoys engaging in conversations about cryptocurrency markets while sipping tea and chewing tobacco with his companions.

Six months ago, I ventured into the cryptocurrency realm through Binance, later transitioning to CoinSwitch with a small starting capital. To my delight, I’ve already managed to accrue a profit of approximately ₹1.5 lakhs. Despite this success, I find myself reluctant to openly discuss crypto, pondering if it’s entirely legal within the Indian context.

next to him is a resident from Botad, who works as a petrochemical dealer and has been involved in cryptocurrencies for three years. He agreed to discuss his experience with cryptocurrencies under the promise of confidentiality.

The petrochemical trader expressed that his fascination with cryptocurrencies like Dogecoin and Shiba Inu was sparked by social media advertisements and trading charts. He revealed that he possesses around 2.5 lakhs rupees’ worth of assets in these digital currencies, having taught himself the necessary skills without any prior experience or guidance, by learning online instead.

Among them, their third associate is the one with the most experience. Starting as a full-time trader back in 2019, he initially invested ₹2 lakhs. By 2021, his initial investment had grown to ₹7 lakhs, which he chose to reinvest to expand his portfolio. Currently, his assets surpass ₹50 lakhs, with a significant portion in popular meme coins such as Dogecoin and Shiba Inu. Unlike the rest, he advocates for a ‘go big or go home’ approach, expressing this sentiment by saying he prefers to invest heavily.

The future is settled if you’re in crypto,” he adds.

Although the investors in Botad may sound assured, they remain cautious about being recognized, primarily because of India’s unpredictable regulatory environment regarding cryptocurrencies.

For those unfamiliar with cryptocurrency, they often assume our actions are illicit. However, it’s important to clarify that while crypto isn’t explicitly banned in India, its legality can be murky and uncertain. This ambiguity, combined with past scams, has led many potential investors to hesitate.

 Yet, despite these apprehensions, the bulls in Botad are in no mood to quit their crypto fever as they discuss global issues pertaining to the industry, chatting away at their favourite tea stall.

Conclusion

The crypto stories of Botad are a testament to how emerging technology is touching people’s lives even in the remotest corners of India. The crypto revolution in Botad is both surprising, given how it defeated Ahmedabad and Surat cities and also, a regular affair for many, given how Gujarat has always been a pro-business state. It’s a blend of old-world camaraderie and new-age ambition—a reminder that progress doesn’t always come from big cities. Sometimes, it begins in a quiet verandah over a cup of tea.

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2024-12-23 15:00