In early November, India’s leadership implemented their demonetization effort, which invalidated approximately 85% of India’s cash in circulation. Since that time, the price of Bitcoin has risen dramatically in India, trading at times in excess of 70,000 INR (over $1,000 USD) while the Bitcoin price outside of India was trading at only $750 USD.
Over the past couple of years, many of the largest Bitcoin businesses in India such as Unocoin, ZebPay, BTCXIndia, Bitxoxo, and others have chosen the BitGo platform. We’ve seen significant and steady transaction growth, which has increased following the demonetization effort. Since September, the value of India-based transactions co-signed on the BitGo platform has increased by 240%.
As India continues to evolve its economy and experience the growth pains that come with rapid development, Bitcoin is becoming an alternative for those fortunate enough to find one of the companies listed above or other Bitcoin access points.
At BitGo we will continue to do our part. Our service allows exchanges and other high transaction Bitcoin companies to manage their treasuries with a mature toolset, and to scale — rapidly if necessary. That is certainly what is needed in India right now.