An interesting cryptocurrency survey data finding by cryptocurrency exchange Coinswitch showed that a very large fraction of the population of a very small city was involved in cryptocurrency investments.
India It is a very large center of crypto investors. Currently, India has the largest number of cryptocurrency investors in the world, but not in terms of the number of cryptocurrencies they own. Currently, the crypto sector is evolving in the gray region of this country, and financial regulatory bodies are developing and implementing better rules and laws in small steps to protect crypto investors.
Recently, a popular Indian cryptocurrency exchange, Coinswitch Kuber, published a report on the number of cryptocurrency investors belonging to different states in India.
According to the report, the capital of India, Delhi-NCR ranked first with 20.1%, followed by Bengaluru with 9.6%, Mumbai with 6.5%, Hyderabad with 5.1%, Pune with 3.5%, Jaipur with 3.3%, Thane 2.6%, Kolkata 2.1% and Botada 1.9%. Other cities accounted for a mammoth 42.9% according to the survey report.
The report highlighted details about Botad, a small city in the Indian state of Gujarat, noting that this city is ranked 10th, representing 1.9% of the more than 20 million Bitcoin investors in this country.
The data results showed that almost 3,80,000 people in Botad are cryptocurrency investors, which is a very interesting fact because the total number of people was 13,000,000 in this city, according to the 2011 census. Which means that almost 30% of the city’s population is a cryptocurrency investor.
More interestingly, after Sunset, most people in this small town are talking about cryptocurrencies, whether in discussions on social media or at local tea stalls, along the highway.
Gujarat: A hub for the offline crypto market
Gujarat is a large traditional center of entrepreneurs in India. Most of India’s rich crypto investors belong to this Indian state.
Over the last 4-5 years, offline crypto-fiat deals have been increasing rapidly in Gujarat, where people buy/sell cryptocurrencies directly for cash, directly bypassing the barrier of any rules and laws.
In the report, major cities of Gujarat like Ahmedabad, Surat, Rajkot and Vadodara did not make it anywhere in the top 10 rankings. But here, we should not ignore offline cryptocurrency investors, who are not open to using centralized cryptocurrency trading platforms.
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