Crypto traders float tea stalls that accept Bitcoin
By Mehab Qureshi
What if you could take the smallest risk that could change your life? That’s what a young man from Bengaluru did by dropping out of college to start his own business. With an initial capital of just Rs 30,000, Shubham Saini, a 22-year-old student set up a tea stall called ‘The Frustrated drop out’. The store, which also accepts Bitcoin as payment, has become a popular haunt for crypto enthusiasts.
Saini, an alumnus of Indira Gandhi University, Rewari went to Bengaluru in search of job opportunities and was gradually introduced to crypto market trading. In 2020, after the market plunged 60%, many investors bought into dips hoping to make potential profits. Saini had invested all his pocket money and savings in buying crypto. “I had invested Rs 1.5 lakh and within a few months I witnessed a 1000% jump in my portfolio. Soon my crypto wallet increased to Rs 30 lakh and this was a big deal for a student like me, ” he said.
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The huge increase in his investment made him realize the true potential of crypto. “I stopped asking parents for money, even paid my college fees and lived a lavish life,” he said. This was when Saini dropped out of his BCA last semester to switch full-time to crypto trading. “I thought I was the next ‘Rakesh Jhunjhunwala’ in the crypto world, but life is not easy after all.”
Things took a turn for the worse in April 2021, when the crypto market crashed and 90% of Siani’s crypto portfolio sank. “I was back right where I started, from Rs 30 lakh to
Rs 1 lakh. I couldn’t believe that one night could change so much in my life,” he sighed. Unable to ask for financial help from his parents, Saini had to sell his brand new iPhone to make ends meet. “Now it was a question of self-respect … When I looked for means online to make money, nothing made sense.”
That’s when the 22-year-old decided to set up a modest tea stall on a pavement. His Frustrated Dropout chain minimizes the use of plastic and non-recyclable items. The idea for the P2P payment platform came to him at Marathahalli in Bangalore. He was surprised and intrigued when customers first tried to pay for the chai with Bitcoin. The popularity of using crypto to buy something as simple as tea has helped his business grow, as suggested by Saini. On average, at least 20 new customers a week use cryptocurrency to pay for their purchases, Saini claims.
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Interestingly, Saini has placed a poster updating the rupee to dollar rate. “Any customer who wants to make the payment simply needs to scan the QR code just like UPI, convert rupees to dollars, and then make the payment in crypto.”
Bitcoin trader
* Shubham Saini set up a tea stall called “The Frustrated drop out”
* The tea shop accepts crypto as payment
* His investment went into the red after the crypto market plunged, leaving him with no choice but to open a tea stall
* On average, at least 20 new customers a week use cryptocurrency to pay for their purchases
