On February 10, 2025, the price of Bitcoin (BTC) stood at Rs 27,198,120.08, around Rs 27.19 million in Pakistani Rupees (PKR).
Recently, Bitcoin reached a three-week low as markets reacted to President Trump’s new tariffs. As of 0941 GMT, the cryptocurrency’s price stood at $95,730.35, a decrease of 6.2% from the previous day, after touching a low of $91,441.89. Similarly, the smaller cryptocurrency Ether experienced a significant drop, losing nearly 25% of its value since Friday—the largest three-day loss since November 2022. It was last quoted at $2,592.14.
In response to economic uncertainty, President Trump imposed 25% tariffs on most imports from Mexico and Canada and 10% on goods from China. This has added to the volatility in the cryptocurrency markets.
It’s important to note that the State Bank of Pakistan (SBP) issued a warning in 2018 advising commercial and general banks against dealing in cryptocurrencies like Bitcoin or Litecoin.
What is Bitcoin?
Bitcoin is a virtual currency created from computer code. Unlike traditional currencies such as the US dollar or euro, it operates without a central bank or government backing. The Bitcoin community of users manages and regulates its operation, arguing that this independence from state controls makes it an efficient alternative to conventional currencies. These currencies are often subject to governmental policies that could devalue them to boost exports.
Origin of Bitcoin
Bitcoin emerged in 2009 from encrypted software crafted by Satoshi Nakamoto, a Japanese-sounding individual. Although Australian entrepreneur Craig Wright claimed to be its creator last year, his assertion has been met with scepticism.
Bitcoin remains the most popular among hundreds of digital currencies, with more merchants increasingly accepting it for payments. Transactions occur via highly encrypted codes transferred across a computer network, which collectively monitors and verifies the transactions. This mechanism ensures that Bitcoin is not spent twice simultaneously.
Users can also “mine” new Bitcoins by running complex computational processes on their computers. However, the total number of Bitcoins is capped at 21 million, emphasizing the model’s limited nature.
 to Pakistani Rupee (PKR) on February 10, 2025, as BTC experiences significant market changes.){kind=link}