Inside small-town crypto obsession

From getting caught in scams to a sparking hope in an income-less home, cryptocurrency is changing the lives of small-town India one holding at a time.

25 January, 202210 min
0
Inside small-town crypto obsession

Why read this story?

Editor's note: About 100 km away from the bustling streets of Indore is a small town called Kukshi where government officials slumber away in the afternoons. At the outset, it is a simple town where not much happens besides bursts of gully cricket in the streets and families carrying on with their business.  That’s no longer the case. This small town of barely 30,000 inhabitants has a new obsession: cryptocurrency. Everyone from teens to senior citizens are hooked on it, tells me 34-year-old Mustafa, who has been living here for a few years now.  He’s the local soothsayer for all things crypto in his part of town. Everyone from the local pharmacist to his neighbours rely on his insights on the asset to make their investments, so much so that when he walks down the street people recognize him. “People point and say, look, that’s Mustafa, he knows about cryptocurrency and can make you rich,” he says in Hindi.  Often, Mustafa finds himself hooked to the hotline when it comes to trading. He wakes up at the crack of dawn, makes a …

You may also like

Internet
Story image

SuperK has a playbook for solving India’s small-town retail problem

Investors are betting on the value retail chain’s franchise model to disrupt the retail market in small-town India. By the looks of it, the six-year-old startup seems to have gotten a lot of things right.

Internet
Story image

M2P Fintech’s road to rediscovery has hit a bump

Its biggest banking customer, Unity Small Finance Bank, has decided to part ways. The departure comes at a time when the fintech infrastructure startup has been trying to become a full-stack banking software provider.

Internet
Story image

Paytm has steadied the ship

Vijay Shekhar Sharma’s fintech has reported its first operationally profitable quarter. However, he will need to wait to win back the regulator’s trust for Paytm to scale further.