Bitcoin is Approaching New Highs for the Year Because of India’s Demonetization

By Timothy Sohn Dec 12, 2016 9:43 PM EDT

(Quartz) – India’s cash crunch is sending one currency soaring. Since prime minister Narendra Modi pulled Rs500 and Rs1000 notes from circulation on Nov. 8 in a bid to fight corruption and terrorism, the weekly volume of Bitcoin trading in India has nearly doubled from prior levels.

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