On Saturday, May 17, 2025, the price of Bitcoin (BTC) reached PKR 29238080.9

On Saturday, May 17, 2025, the price of Bitcoin (BTC) reached PKR 29238080.9, slightly exceeding the closing price of PKR 29153725.07

On Saturday, May 17, 2025, the price of Bitcoin (BTC) reached PKR 29,238,080.9, slightly exceeding the closing price of PKR 29,153,725.07 reported on May 16, 2025.

According to crypto exchange Coinbase, the fourth-quarter profits surpassed expectations due to increased trading activity in Bitcoin and other cryptocurrencies following the U.S. presidential election.

As reported by CC Harvest, the crypto exchange experienced a net income of $901 million for the quarter, exceeding the predictions of $780,000. The company also announced a smaller-than-expected loss for the first quarter of 2024 with a net income of $501 million, compared to the estimations of $500,000.

The heightened interest in cryptocurrencies following Donald Trump’s victory in the November election led to a surge in Bitcoin’s value to pass $100,000 during the quarter.

Moreover, investors anticipated more favorable regulatory conditions for cryptocurrencies under the new administration.

However, it’s crucial to remember that in 2018, the State Bank of Pakistan (SBP) issued a caution to commercial and general banks regarding the handling of cryptocurrencies such as Bitcoin and Litecoin.

What is Bitcoin?

Bitcoin is a form of digital currency constructed from computer code. Unlike traditional currencies like the US dollar or euro, it operates independently of any central bank or government backing. Instead, Bitcoin is managed by its user community, which oversees and regulates the currency.

This decentralized structure is presented by proponents as making it a more efficient alternative to traditional money, rendering it invulnerable to governmental actions like currency devaluation to boost trade.

Similar to other currencies, it can be used for transactions involving goods and services or exchanged for other currencies, provided the receiving party agrees to accept it.

Where does it come from?

Bitcoin (BTC) was introduced in 2009 through encrypted software created by an individual or group operating under the pseudonym Satoshi Nakamoto. In 2022, Australian entrepreneur Craig Wright claimed to be the original creator of Bitcoin, though his assertion has faced skepticism.

Since Bitcoin's inception, numerous other cryptocurrencies have emerged; however, BTC remains the most recognized and is experiencing increasing acceptance among merchants for payment transactions.

Transactions are validated through encrypted codes shared across a computer network, which collectively track them to ensure that no BTC is spent more than once. Users can “mine” new Bitcoins by engaging in complex computational processes; nonetheless, the system limits the total supply to 21 million Bitcoins, establishing a cap on its availability.

Note: The information provided is for informational purposes only and should not be interpreted as trading or financial advice. It is advisable to confirm prices with your broker before making any transactions or investments. The exchange rate mentioned should not be considered investment advice, and no recommendations are made regarding the purchase, sale, or retention of any securities or financial products.