On Thursday, April 17, 2025, the price of Bitcoin (BTC) reached PKR 23,543,991.67 (Approximately Rs 23.54 million), slightly below the closing rate of PKR 23,669,491.48 on April 16, 2025.
Crypto exchange Coinbase reported stronger-than-expected fourth-quarter profits, boosted by increased trading activity in Bitcoin and other cryptocurrencies after the U.S. election.
Following Donald Trump’s win in the November presidential election, excitement around cryptocurrencies surged, driving Bitcoin’s value past $100,000 in the quarter. Investors were optimistic about more favourable crypto regulations under the new administration.
It’s worth noting that in 2018, the State Bank of Pakistan (SBP) issued a warning to commercial and general banks against handling cryptocurrencies like Bitcoin or Litecoin.
Note: Bitcoin’s price is highly volatile and can change rapidly. For the latest rates and financial advice, consult a professional or a reliable exchange. We are not responsible for decisions based on this information.
Read More: DOGE to PKR: Conversion rate; April 17, 2025
What is Bitcoin?
Bitcoin is a digital currency built from 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.
Supporters argue this makes it a more efficient alternative to conventional money, free from government actions like devaluing currency to support trade.
Like other currencies, BTC can be used to pay for goods, services, or swapped for other currencies, as long as the other party accepts it.
Where does it come from?
Bitcoin was introduced in 2009 through encrypted software developed by an individual or group using the pseudonym Satoshi Nakamoto.
Last year, Australian businessman Craig Wright claimed to be Bitcoin’s creator, though some remain skepticala of his assertion.
Since Bitcoin’s debut, numerous other cryptocurrencies have emerged, but it remains the most widely recognised, with growing acceptance among merchants for payments.
Transactions occur when encrypted codes are shared across a computer network, which collectively tracks and validates them to prevent any BTC from being spent more than once.
Users can “mine” new Bitcoins by running their computers through complex, increasingly challenging processes. However, the system caps the total supply at 21 million Bitcoins, limiting how many will ever exist.
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