What is Bitcoin?
Bitcoin is a form of cryptocurrency, also known as digital currency, which allows transactions between two people with no middlemen such as banks. The digital coin was created in 2009 by an unknown person with the pseudonym Satoshi Nakamoto. The currency magnetized a plethora of attention after its trading value shot up drastically in a period of mere 8 to 9 years, starting from $1 (PKR 158) to $60000.
What was the highest price and negative change in Bitcoin’s value (PKR)?
Since the gradual initial increase in the currency’s value, traders witnessed a huge amount of either profit or loss on their account due to the shifting political, financial and social situation. One of these situations includes the multi-billionaire businessman Elon Musk’s statements, mostly in tweets that can change the currency’s value overnight.
Bitcoin touched as high as $63,729.5 (1 BTC to PKR 10094752) on 14TH of January 2021, benefitting the sellers and sowing trust amongst the others. At the same time, the biggest upset was recorded on the 18th of May 2021 when the currency plunged 30% to $30000 (1 BTC to PKR 4752000).
Today’s market value of Bitcoin in Pakistan:
Today, 1 Bitcoin is being sold and bought at PKR 5,543,651 while its biggest competitor Ethereum, Ether to PKR, is offering a value of PKR 336,943 to the ones interested.
Modern analysts and business experts foresee a further increase in crypto, especially Bitcoin, as the world slowly shifts to making their transactions using their electronic devices rather than carrying physical money with increased risk of theft and extra load.