Bitcoin Price Reaches $995 in India After Government…
Bitcoin Price Reaches $995 in India After Government Rendered Most Currency Useless
Prices have skyrocketed at Indian Bitcoin exchange platforms following the government decision to denominate the 500 and 1,000 Rupees currency notes with only a night’s notice.
On November 8, Indian Prime Minister Narendra Modi shocked all his countrymen when he announced the government’s decision to make all 500 and 1,000 Rupees currency notes useless starting the next day.
The decision backfired after a few days as Indians were left with no means of paying for food and utilities.
Without money in their pockets and limited to small daily ATM withdrawls, Indians turned to mobile wallets, but also to Bitcoin.
While 1 Bitcoin is valued at $735 (50,405 Rupees) at almost all Bitcoin exchanges over the world, this is not true in India.If you wanted to buy 1 Bitcoin in India and you’d want to do it with Rupees, it would cost well above that.
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