[2017-01-05] India Today: Bitcoin hits highest level post demonetisation

[polynesia]

Bitcoin hits highest level post demonetisation

http://indiatoday.intoday.in/story/bitcoin-india-demonetisation-price-rise/1/849913.html

While you stand in ATM queues and jostle for cash, virtual currency bitcoin has gained substantial traction in India. The bitcoin price has surpassed the $1,000 (Rs 68,000) mark, hitting its highest level since 2013 with a hike of nearly 30 per cent in its value since the Prime Minister announced the demonetisation scheme on November 8.

Experts say the cryptocurrency appeals to those worried about a lack of supply of cash but part of this price buoyancy can also be attributed to market-making initiatives of Indian exchanges.