KARACHI: Bitcoin has seen a significant surge in value following the election of Donald Trump as the next US president. Investors are optimistic that the new administration will introduce more cryptocurrency-friendly policies.
This year, Bitcoin’s value has more than doubled, with a 40% increase in just two weeks since Trump’s election victory.
Bitcoin to US Dollar
As of 11:00 AM PST, the value of Bitcoin stands at $98,960.95, according to live rates on the Binance website.
Bitcoin to PKR Rate
Today, Bitcoin has risen by 1.66%, reaching a value of Rs27,520,601.64 (approximately Rs27.52 million).
Bitcoin, created in 2009 by the mysterious Satoshi Nakamoto, is the world’s largest cryptocurrency. Transactions are recorded on the blockchain, offering transparency and security. Bitcoin is generated through mining, where computers solve complex problems. It is seen as both a store of value and a speculative asset.
In Pakistan, cryptocurrency trading, including Bitcoin, has been banned since last year by the government, citing risks after the country’s removal from the Financial Action Task Force (FATF) grey list. Additionally, the State Bank of Pakistan (SBP) issued a warning in 2018 prohibiting the use of cryptocurrencies like Bitcoin and Litecoin for transactions. The SBP has not authorized any entities to issue or trade such currencies in Pakistan.
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