Bitcoin was in the mainstream media headlines again this week, as an official cash ban in India led to speculative spike in Bitcoin demand. On most occasions, it is the Chinese, fleeing capital controls via Bitcoin as a safe, censorship resistant asset. This time, it was their neighbours, after Prime Minister Modi abolished the 500 and 1000 Indian rupee note.
Demand on Indian exchanges and p2p marketplaces shot up, as the digital currency traded at $1000 in India versus a $750 global average. 8000 miles away, in the United States, Coinbase was fighting off an unprecedented legal request by the IRS to access its customers’ history. Meanwhile, 2015’s divisive bitcoin block size debate resurfaced as Segregated Witness, a soft fork proposal gained 26% adoption by mining nodes.
It could be said that 2015 was a year of consolidation for the Bitcoin crypto currency giant. Since the beginning of 2015 the Bitcoin price was bouncing up and down between the areas of $180 and $280. Yet, this hesitation was impaired in the beginning of November. The 7-month high from July was outreached at the end of October, pushing the Bitcoin price toward a new 15-month high in the middle of December.