India’s Prime Minister Narendra Modi decision to ban 500 and 1000 rupees notes has boosted bitcoin price.
The Bitcoin trading volume has increased in past many days after Prime Minister’s announcement that the 500 and 1000 rupees notes no more accepted in whole India except banks.
The main reason of this announcement was that government wanted to black-money out in market which was held illegally by people of the nation and kill the corruption in the country. But after this moment the search term related to “Bitcoin” has increased in various search engines for example according to google trend data the search term “Buy Bitcoin” has increased in popularity.
Number of downloads of Bitcoin apps on Google play store has also increased for example a popular bitcoin app Zebpay crossed 1,00,000 downloads on google play store. And the quires related to Bitcoin has also grown from 20% to 30% after note ban, as per Zebpay CEO, Saurabh Agrawal, told the Hindustan Times.
Due the increased demand of Bitcoin, the Bitcoin was trading at 10%-20% premium on Indian Bitcoin exchanges. At the time of writing this article Bitcoin price at Poloniex exchange was $764.10 and at the same time Bitcoin was trading at Zebpay at Rs. 57818 worth $856.30. In the beginning of September the Bitcoin on Indian exchanges was trading at $10-$20 premium but now it is trading at $80-$100 premium. This shows huge interest in Bitcoin of Indians after big currency note ban by PM of India.
Overall we can say this note ban activity by Indian government has sparked the price of Bitcoin. After this activity more people get to know about Bitcoin and they started to use this digital currency which is good thing for whole Bitcoin community.
