KARACHI: Bitcoin has registered massive gains since the US voted Donald Trump into power as investors hope that the new government will create more friendly policies for cryptocurrencies.
Bitcoin has jumped more than double in value this year and is up about 40% in the two weeks since Trump was elected as next president of the US.
Bitcoin to US Dollar Rate today
According to 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 mentioned that the federal government has ban 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 notice in which, they warned the 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, Pakcoin. OneCoin, DasCoin and Pay Diamond are neither recognized as a Legal Tender nor has 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.