There seems to be a lot of confusion regarding the financial situation in India. Albeit the 500 and 1,000 Rupee notes are now illegal, that does not mean they are useless. Consumers can exchange them at 70% of face value at exchange offices. That said, the interest in Bitcoin continues to grow in the country, and will continue to do so for the foreseeable future.
Cryptocurrency enthusiasts remain hopeful Bitcoin will dethrone cash sooner or later. While that sentiment is shared by a lot of people, it also seems highly unrealistic. In fact, there is no reason why cash and Bitcoin can’t co-exist for a while. India’s ban on high-denominated Rupee banknotes will not cause their cash ecosystem to collapse all of a sudden.
Things Are Changing Over In India
But it does have an impact on Bitcoin interest, as consumers are looking for alternative investment options. Together with gold and other precious metals, Bitcoin provides investors with a possibility for passive gains over time. With a limited supply of BTC available and the demand for Bitcoin growing, prices are due to shoot up at some point.