India’s rupee restrictions are boosting demand for bitcoin
  • One reason for the increased demand may be due to Indians who are frustrated by the government’s decision and are now looking for a way to store their wealth that is (theoretically) out of Dehli’s reach.
  • One bitcoin on the Indian exchange Unocoin is worth 55,405 rupees, or $817.97, at the time of writing.
  • Indian Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
  • “Bitcoin was trading at a $20 dollar premium in India at the beginning of September and now is trading at a $70–100 premium to the USD rate.”
  • “I would estimate the average traded volume in India to be around 500btc/day, which is less than 1 percent, maybe even 0.1 percent, of global volumes,” he told CNBC via email.

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