At a time when the Narendra Modi government’s decision to demonetise high-value currency notes has left Indians scrambling for alternative payment and investment options, the demand for new-age cryptocurrency options has seen a surge. For this and other reasons, Bitcoin, the largest and oldest of cryptocurrencies, is trading at a huge premium in the country. The demand spike in India follows a similar trend in neighbouring China. In the past month, while the dollar strengthened, and the Chinese currency weakened to an eight-year low, the demand for Bitcoin in China increased ...
The price of bitcoin exchanges in India has increased to between 25-28% more than their cost, largely due to the government’s moves towards demonetisation that the CEO of Zebpay said has increased demand for bitcoin. With a limited supply of bitcoin from Indian traders, the CEO of Unocoin added that bitcoin offers safe alternative investment options to customers.