Bitcoin Forum

Following last week's ban on the highest notes in India, interest in Btc has literally skyrocketed, reaching new ATH (http://imgur.com/i1r0gVs).

Price is so high due to high demand and low amount of bitcoin sellers, currently 819.14 USD in unocoin
https://www.unocoin.com/charts

Actually this price is way higher than normal market rate, which shows the high level of bitcoin demand which even get increased due to the current banning on 500 and 1000 INR notes.

Is it because of Trump effect ?
As I'm also experience bitcoin value increase since Trump got selected as President

May be there is also some effect of trump getting elected in US but particularly price of bitcoin in india get increased as well as daily buy volume after indian government banned their highest valued paper moneys and started using paper money with new design to block all black money.

I noticed a high price at our local exchanger too. Is this due to Indias announcement last day that they will banned the 500 ,1.000 notes or any other reasons? Like uncertainty in America as Trump is the winner? or China? But still it is a good news for all of us. :)

I agree this will be very bullish for bitcoin but will take at least a month or so.    Indians will start storing their excess cash in bitcoin as they learn about it to prevent another government grab but I think the larger short term effect will be Western Europe and USA based Indians.
There are 100s of thousands of Indian workers in the USA and they may want to send money home to take advantage of this huge spread (bitcoin is getting over 20% premium right now in India).   So these USA based Indians could buy a home or even just send their parents cash to help out and they would be getting 20% more rupees for their US $ by sending bitcoin.

As we all know it takes time for a new person to set up and start buying bitcoin on the US exchanges but this would definitely be a group that coinbase et al. should be advertising to right now.

Taking a look at that image reminds me of something:

https://s-media-cache-ak0.pinimg.com/originals/7f/22/ff/7f22fff4cd4f9965714f1f63b3fc8616.jpg

Your thread should read:

Interest in Bitcoin just peaked in India.

Interest can only go down from here.

Chances are the ones that were interested in it first already bought when Bitcoin was lower in price when the interest started rising.

It is interesting to note that India's interest and Bitcoin's price rose in tandem.

I would be cautious with Bitcoin especially with a weaker Yuan and stronger Dollar.

Wow, can't believe that the last week's forbidden can strongly affect bitcoin like that. Is that the reason why Bitcoin have just hit $730 today ? Yesterday, the price was only about $695 but know it have increased more than 5% for only a few hours

Always watch out for price increases based on low volume.

It could be a trap in order to attract liquidity.

And when I say low volume I mean in comparison to other times price increased.

Ignore this post, this guy is a shill, just look at his post history. Make your own decisions when to buy and when not to buy. Anyone with a

bit of logical thinking can see that increased interest in India will drive up the price. The Trump presidency bumped the price, and now the

banning of the higher currencies are also bumping it too... So what is wrong with buying at a early stage, before more demand push it even

further... It's pure logic.

The "Interest over time" using google trends would not actually mean people are purchasing Bitcoins, but it could just mean they're learning about it or searching about SegWit or exchanges from where to buy it. But, if it is true that people are purchasing Bitcoins it could be because of the cash scarcity in almost every area in India. People could be using Bitcoin mobile applications like Zebpay to purchase movie tickets, purchase stuff on amazon and buy pizza's from Dominos and buy other stuff that usually they'd buy using cash. This is a pretty good thing to happen after the black money hoarders and corruption that was handled by making the Rs 500 and 1000 notes illegal tenders.

That is all you got?

Trump presidency also crushed bonds and made the Dollar surge and Yuan weaken.

Long term you may have a point but don't ignore the short term just because I don't tow your party line.

When making choices it is wise to look at as many factors that your eyes will let you see.

The surge in Bitcoin interest in India has reached 100.

That is the limit.

I guess you know the exact lag between interest and prices?

What if there wasn't any major lag between interest and when Indians did or did not buy Bitcoin?

All I know is that physics dictates that when something sways one way and hits an extreme that it will go back in the opposite direction.

Therefore, interest has peaked in India and will go down from here.

Calling me a shill won't change that.

It's actually the opposite. It means people have realized the situation is serious and started looking for alternatives to their potentially worthless fiat money and one is Bitcoin.

No price was always high in indian exchange platform and don't think indian buy force are enough to create 5% pump on price within a day.  ;D

Can be a good news for bitcoin as all bitcoin needs are investors, and if really the banning of notes is pushing people to convert their fiat to bitcoin then it would make it grow a little higher as demand would increase and that would increase the price a little as well.

I think every country need to start banning their bigger notes so that people can understand how their governments can easily manipulate whole countries economy and can make what they consider as worthy cash into just paper overnight. And after that people will start to find better alternative and i don't think there is anything that can be considered more secured investment than bitcoin.  ;)

Show me on a Google Trend chart on any topic where the trend stayed at or exceeded 100 over an extend period of time.

Also, to the OP, what Google trends filters are you using?

I get this:

https://i.imgur.com/MDbnZW9.jpg

India’s rupee restrictions are boosting demand for bitcoin

http://www.cnbc.com/2016/11/15/india-rupee-restriction-boost-bitcoin-digital-currency.html

I'm happy that the folks in India are finally waking up and investing their money into bitcoin. well, i hope to see new ath within this year heh.

Glad that Indians are playing smart. In fact the buyers power there I guess it's not that high but however I have friends from India who work daily at faucetbox.com and other data entry or captcha solving services. It's good for their economy considering how big a bitcoin is and the enormous exchange rate of 1 USD to the local currency, rupee.

Price will not rise only because of India, at the moment Bitcoin market in India is not the main one, but of course someday can be. This signs are very good, but it will not change that all eyes are looking on China..

      
   India has a largest population from all other countries in the world, if all people from India start to buy bitcoins demand will be very high. India is the huge market, and that is not a joke, their actions can effect on price of bitcoin, only if they work united.
   Never the less this is good news, its good for btc community to conquer markets all over the world, and India is big one, so this is good catch. And if doesnt have effects now, it will have on long term.

This might be a good news but i doubt that we could benefit to this scenario for a long time. I could really something and it is not that good i just hope that the bitcoin price would not skyrocket that match rather than being stable and gradually oncreasing

Looks like Indians are also showing interest in many other things as well...

Food for thought:
http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

yes the price won't change much, but at least it is a good news for all of bitcoin users, within India people more focus on bitcoin, it will affected the market, there will be more demand which is going to cause the price to go up, and India is one of the country with the largest population so if this trend keep continue we will see another price raise and more stable price

Doesn;t surprise me that the interest is skyrocketing, considering the news about the banknotes being considerably more limited, however I'm not sure how much this is going to affect India's primary interest in Bitcoin and have it increase the value. The market definitely moved, but I don't know if that has anything to do with this; it's pretty old news.

Rule out the lower value rupee notes..., A example why bitcoin is way better and saver.

Wow that is a huge increase. I would say that it was just an effect of the Trump victory. America has some strong bonds with India and the recent election is the only reason why I would think that interests would increase.

:)

Is there a correlation between Google search results and actual buying of the cryptocurrency? Also that chart from Google Trends shows that the interest started way before the ban in the highest notes in India. So the trigger that started the interest must not be that.

Another question is how many searches were made that came from India? I believe it should be in the hundreds of millions searches for it to matter. We are seeing a lot of news that this or that country is interested in Bitcoin but all we see are the speculators trying to make fiat out of the price moves. Some of them do not even care to withdraw their Bitcoins from the exchanges.

After reading this post I decided to check the Indian market where they can buy Bitcoin and when I convert $ to their local currency that's 10000 Rs more. That's some crazy leap, one reason it could be that people have dumped their money which was banned in btc, or suddenly they have woken up to btc power and blindly invested in it. That's some high prices but, better wait for it to fall. And one last thing it's is legal to buy btc in India. I don't know which other country has legalized it.

Here on forum we can get a lot of images like this

http://img.memecdn.com/its-media_o_721609.jpg


However the global search for bitcoin still normal, I don't believe that today pump was caused by India.

Wow.I wanna travel to India and sell my bitcoins there. ;D

Bitcoin needs adoption from the indians,India is a huge and growing economy.

People are saying that trading bitcoins in India is more difficult because of some regulations.

I hope that this problem will be solved.

This is making me think that Indians are becoming better business people rather than Chinese people. After the China governments regulation for bitcoin and this is now a good news for the whole bitcoin economy. Why you need to go in India if you can just sell your bitcoins at your home with their exchange, I think that will be fine if no regulations will be applied.

there is an increased interest in most  of the countries around the word in bitcoin which comes from the increasing price which proves  that bitcoin is a good investment for the future to make a good amount of money. so I say this is not limited to India but everywhere but also in India there is their economical state which seems to be pretty bad at the moment and people wanting to find good investments .

Bitcoin is out there for the grabs and there is nothing stopping it, only a matter of time before more nations and countries realize the potentials of bitcoin and then we'll see rise in price like never before. only a matter of time.

Let's talk about what really interest... CHINA

Look the same link now with China, a big jump in the last week, for sure the price will stay growing in this way... I don't know how much the chineses are buying but it is really making the price pump.

It appears that some people in Bitcoin are nothing more than "news opportunists".

More and more the Bitcoin economy resembles wall st.

Clearly most of the volume from the price increase is coming from China.

And with the ability of bots to pull bids at will it's obvious that we have some manipulation here.

The funny thing is that most of the people affected by India's currency ban is the middle class and poor according to what I have read.

So you mean to tell me that the poor class of India are also Bitcoin speculators when most of them don't even have bank accounts?

The claim that Bitcoin has gone up because of India is ridiculous at best.

It is manipulation 101.

Yeah, thought quite correctly friend. Sometimes something good things will give you a good impact at the right time, not even all the things there are in the thoughts of the Government and the State have always been correct. But usually if there is already a country that their personal religious beliefs using bitcoin and accept it for transactions then the follower countries will use it. as with any other country or USA

News opportunist? I don't get why you're trying to make me look like I posted fake news, you idiot. I just posted a screenshot from my mobile. PERIOD.

A news opportunist will take an event that is not relative to the topic they are applying it to.

The interest in India has peaked and already subsided for the time being.

The search for liquidation via bait is most obvious.

You don't need to use India banning low denomination notes as an excuse.


BTW you never addressed my screen shot which showed how the interest is in decline.

What filters did you use to do the search?

You are the only one that doesn't see/want to see any correlation between the two things, when it's so clear.

As for the screenshot, I'm not sure about the filters you used, but I didn't use any, just country and search term. If you want to check it exactly the way I did, try to redo it on your mobile.

Thanks for answering the filter question.

As for CNBC....

http://www.cnbc.com/2016/05/02/will-terror-attacks-end-bitcoin-free-for-all-in-europe.html

So can we expect terrorism to escalate in India now?

so that is the explanation of the recent increase, but it sound weird because usually bitcoin do not replace cash but virtual money, so it should have less effect in this case, but it's good that india support bitcoin, because they are many almost as chinese, and if both of those will support it more in the future, you can avoid having other country following, because you would end up with 2B people supporting bitcoin already, which is more than enough to make it skyrocketing

If Isis received funding via Bitcoin, that's certainly a tiny fraction of what they have been receiving in dollars:

http://uk.businessinsider.com/us-cash-isis-iran-fed-2015-11?r=US&IR=T

"Foreign central banks hold dollars and can call on the Fed for currency distribution," they wrote. "The new $100 notes are flown to Baghdad after leaving a Fed facility in East Rutherford, N.J. In Baghdad, the bills are moved to the Iraqi central bank, where they are sold in daily auctions in which Iraqi financial firms request dollars that they pay for largely using dinars, the country’s currency."

The cash shipments went from $3.85 billion in 2012 to $13.66 billion in 2014, raising eyebrows in the US, The Journal reported, adding that officials were worried that Iraqis were hoarding dollars rather than circulating the currency in the economy."