To locate Botad on India’s map, one needs to head west towards Gujarat-the western frontier of the country, where this small city can be found sandwiched adjacent to the Ahmedabad-Bhavnagar highway. Botad, part of Saurashtra region of Gujarat, is like any other city in India- small populace, smaller roads, bustling marketplaces and not many options to kill time.
But like any other Indian city, Botad hides in plain sight as not many are aware of the city’s latest obsession.
As the sun sets over Botad, a cold December breeze carries the chatter of a group of friends, gathered at a local tea stall, adjacent to the highway. As the aroma of evening tea engulfs the surroundings, the friends group discuss their regular affairs- jobs, heartbreaks, politics and crypto. Yes, you heard that right !
Cryptocurrencies is the latest fever in Botad and as per a report “How India Invests in Crypto 2024” by CoinSwitch, an Indian crypto exchange, the small city ranks among the top ten Indian cities when it comes to crypto investors. As per the report, Botad ranks at 10 accounting for 1.9% of over 2 crore (20 million) crypto investors in India.
In fact, major Gujarat cities like Ahmedabad, Surat, Rajkot and Vadodara did not find any place in the top 10 rankings. Delhi-NCR accounted for the first place 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 Botad at 1.9%. Other cities accounted for a mammoth at 42.9% as per the survey report.
If we go by CoinSwitch report, over 3,80,000 crypto investors are based out of Botad, whose population is merely above 13,00,000 as per 2011 census.
So, what’s cooking in this sleepy city Botad whose people are primarily farmers and run small businesses? After the CoinSwitch report was published, The Crypto Times reached out to several residents of Botad to understand the tectonic shift and silent crypto revolution that has happened in this small city.
Botad: Cha, Mawa and Crypto
Botad is situated at the confluence of Utavali river, the word Utavali in Hindi literally translates to someone impatient, hasty and reckless. But Botad is anything but that, especially when it comes to crypto investments.
Botad folks are HODLers and as per the CoinSwitch survey report, 24% crypto investors had invested in bluechip (any coin whose market cap is beyond $50 Billion. E.g. Bitcoin) and 40% in the large cap category (market cap between $1 Billion to $50 Billion). The statistics however shows only a portion of the complete picture.
Meet 31-year-old Keval, a trader from Botad, who loves having crypto market related discussions over Cha (tea) and Mawa (tobacco) with his friends.
Six months ago, he dipped his toes into the world of crypto through Binance before switching to CoinSwitch. With minimal initial investment, he has already made a profit of ₹1.5 lakhs. Despite his gains, he hesitates to discuss crypto openly, wondering if it’s truly legal in India.
“20% is timing and 80% is luck. People nowadays are mostly interested in trending coins but it pays to have knowledge in this domain. I know about Michael Saylor intending to buy more Bitcoins, “ says Keval.
Sitting beside him is another Botad native, a full-time petrochemical trader who has been in crypto for three years. He shared his crypto journey with us on the condition of anonymity.
“I was Inspired by social media ads and trading charts. I have interest in cryptocurrencies like Dogecoin and Shiba Inu. With no prior experience or mentors, I had to learn the tricks online,” said the petrochemical trader, who holds just above Rs 2.5 lakh worth assets in crypto.
Their third companion is the most seasoned among them. A full-time trader for over five years, his journey began in 2019 with an investment of ₹2 lakhs. By 2021, he had turned it into ₹7 lakhs, reinvesting his profits to grow his portfolio. Now, his holdings exceed ₹50 lakhs, primarily in meme coins like Dogecoin and Shiba Inu. Unlike the others, he believes in going all-in, saying,
The future is settled if you’re in crypto,” he adds.
Despite the confident tone, the investors in Botad are still apprehensive of getting identified, largely due to India’s uncertain regulatory climate over crypto.
“For those who don’t have much idea about crypto, they think everything we do is illegal. The truth is that crypto isn’t banned in India yet it is seen through a different prism. The fear of legal ambiguities and scams looms large, keeping many investors silent,” adds the third trader.
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.
Also Read: Regulators must not block innovation in Crypto: India’s Chief Economic Advisor
