Bitcoin (BTC) price reaches PKR 29,153,725.07

On Friday, May 16, 2025, the price of Bitcoin (BTC) reached PKR 29,153,725.07 (Approximately Rs 28.70 million), slightly higher than the closing rate of PKR 28,700,030.15 on May 15, 2025.

On Friday, May 16, 2025, the price of Bitcoin (BTC) stood at PKR 29,153,725.07 (about Rs 28.70 million), showing a slight increase from its closing rate on May 15, 2025, which was PKR 28,700,030.15.

Crypto exchange Coinbase reported stronger-than-expected fourth-quarter profits, driven by higher trading activity in Bitcoin and other cryptocurrencies post U.S. election.

After Donald Trump’s win in the November presidential election, there was a surge in interest in cryptocurrencies, which pushed Bitcoin’s value past $100,000 in the quarter. Investors are optimistic about more favorable crypto regulations under the new administration.

However, in 2018, the State Bank of Pakistan (SBP) issued a warning to commercial and general banks against handling cryptocurrencies, including Bitcoin or Litecoin.

Note: Bitcoin's price is known to be highly volatile and can change quickly. For the latest rates and financial advice, it's best to consult a professional or a reliable exchange. We are not responsible for any decisions made based on this information.

What is Bitcoin?

Bitcoin is a form of digital currency that is built on computer code. Unlike traditional currencies like the US dollar or euro, it isn't controlled by a central bank or backed by any government. Instead, BTC is managed by its community of users, who oversee and regulate it.

Its supporters suggest this makes it a more efficient alternative to conventional money, and it isn’t affected by any government actions, such as a country devaluing its currency to support its traders. Like other currencies, BTC can be used to pay for goods and services, or it can be exchanged for other currencies, as long as the other party is willing to accept it.

It was introduced in 2009 by an individual or group who used the pseudonym Satoshi Nakamoto to develop the encrypted software for the cryptocurrency.

Last year, Australian businessman Craig Wright claimed to be Bitcoin’s creator, although some people are skeptical of his assertion.

Since Bitcoin’s debut, a large number of other cryptocurrencies have been launched, but it remains the most widely recognized, and its acceptance for payments among merchants is also increasing.

Transactions take place when encrypted codes are shared across a computer network, which collectively keeps track of and validates them to prevent any BTC from being spent more than once.

Users can ‘mine’ new Bitcoins by running their computers through a series of complex processes that are continually becoming more challenging. However, the system has a limit of 21 million Bitcoins in total, which will be the maximum number that will ever exist.