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India’s Small City Botad Becomes 10th Largest Region for Bitcoin Investors
A recent report released by Coinswitch Kuber, a popular Indian crypto exchange, has revealed some astonishing data regarding the adoption of cryptocurrencies in India. According to the findings, Botad, a small city in Gujarat, has emerged as the 10th largest region for bitcoin investors, accounting for 1.9% of over 20 million Bitcoin investors in the country.
Notably, it is estimated that nearly 380,000 people in Botad are crypto investors, which constitutes approximately 30% of the total population of 1.3 million residing in this city as per the 2011 census data. This staggering figure highlights the massive growth and adoption of cryptocurrencies in the region.
Interestingly, after sunset, the majority of residents in Botad engage in discussions about cryptocurrencies on social media platforms or at local tea stalls adjacent to highways, indicating a profound interest in the space among the population.
Gujarat, particularly Ahmedabad, Surat, Rajkot, and Vadodara, have been long considered major hubs for offline crypto-fiat deals, with investors buying and selling cryptocurrencies directly for cash. This has led to a surge in off-chain transactions, thereby allowing individuals to bypass regulatory hurdles.
While other cities in Gujarat failed to make it into the top 10 rankings, Botad’s impressive numbers indicate an unprecedented level of enthusiasm among its residents.
Source: bitcoinik.com
