Bitcoin Price Surge USD 98,960 & PKR 27.5M Amid Market Shift
Bitcoin has jumped more than double in value this year and is up about 40% in the two weeks since Trump was elected as the next president of the US.
Bitcoin to US Dollar Rate Today
According to the Binance website’s live rates, the value of Bitcoin stands at $98,960.95 till 11:00 am PST.
Bitcoin to PKR Rate Today
The value of the digital currency, Bitcoin, in Pakistani rupees has surged to Rs27,520,601.64 (Rs27.520 million) after witnessing an increase of 1.66 percent during today’s trading.
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Bitcoin is the world’s largest cryptocurrency, which was created in 2009 by an anonymous person or group known as Satoshi Nakamoto.
Bitcoin transactions are recorded on a public ledger called the blockchain, ensuring transparency and security of the investment.
The currency is created through a process called mining, where powerful computers solve complex mathematical problems. The digital currency has gained popularity as both a store of value and a speculative investment asset.
It is pertinent to mention that the federal government banned cryptocurrency last year in Pakistan, citing the potential risks for the country following its removal from the Financial Action Task Force’s grey list.
Additionally, in 2018, the State Bank of Pakistan (SBP), issued a notice in which, they warned commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin.
According to a notice issued by the central bank, cryptocurrencies like Bitcoin, Litecoin, and Pakcoin. OneCoin, DasCoin, and Pay Diamond are neither recognized as Legal Tender nor have SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in any such virtual currencies or tokens in Pakistan.
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