Should Pakistan adopt Bitcoin? BTC is up this much against the Pakistani Rupee in 2023
Despite a more positive scenario in the last weeks for the Pakistani Rupee (PKR) a gains t the US dollar (USD) in the forex market, PKR has lost half of its purchasing power a gains t Bitcoin (BTC) in 2023. Data retrieved by Finbold from CoinMarketCap ’s price index shows 1 BTC being traded at close to Rs3.77 million on January 1, for a 99% price appreciation from the leading cryptocurrency to the legal tender currency in Pakistan, now changing hands at Rs7.51 million per Bitcoin by press time. BTC/PKR 1-year price chart. Source: CoinMarketCap In this context, Bitcoin can also be considered as a valuable index in the financial market, due to its characteristics of a global and supranational peer-to-peer electronic cash system, which has also been used as a store of value versus weaker assets and currencies. And BTC is doubling down in value a gains t the Pakistani Rupee. Notably, the highest surge happened during the first quarter of 2023, with a first local high being set for Bi...