Demand for Bitcoin as a currency is also likely to continue to grow in 2017, again as China has promised to restrict capital outflows and to devalue its currency in order to protect exporters. Another large economy that has seen increased demand for Bitcoin is India, whose government surprised many by scrapping large-denomination banknotes and causing a panic for cash in the country of more than a billion residents. A rising U.S. dollar has also caused some in emerging markets to seek alternatives to fiat currencies as debt denominated in dollars becomes more expensive to service.