The Bitcoin price is spiking in India as we speak. UnoCoin, one of the country’s leading cryptocurrency exchanges, marks the price at RS 59,148. That is well above the current US value per Bitcoin, indicating the demand for alternative financial solutions is huge in India right now. But is this a sign of things to come, or just a temporary price boost?
Ever since the vast majority of cash in India was suddenly declared “illegal”, the country has been a mess. Financial turmoil is affecting everyone, and capital outflows are becoming more prevalent. Interestingly enough, a lot of people are flocking to Bitcoin as a way to hedge against future financial instability.
Indian Bitcoin Buyers Pay A Hefty Premium
As demand for Bitcoin grows, so will the price per BTC in India. In fact, UnoCoin reported some trades worth US$871, which is well above the current US$746 price on other exchanges. Providing enough liquidity to accommodate this demand will be a key challenge fort any cryptocurrency exchange in the country, though.