ISLAMABAD, 3 December 2017: Pakistan is among the top 20 countries where people are looking to buy cryptocurrency Bitcoin amidst its recent price hike.
According to Google Trends, Pakistan stands at number 20 where people are actively searching in Google “how to buy bitcoin”. The Google Trends has also revealed that most of the potential clients looking to buy Bitcoin are from Islamabad followed by Sindh and Punjab.
It is to be noted that the recent surge in Bitcoin prices has shored up interest among the potential buyers. On November 29, 2017, Bitcoin crossed the US$10,000 mark recently with some hoping that it will go higher.
According to Ahmer Jamil, one of the buyers of bitcoin, the recent hike in price is owing to a number of factors including “Japan’s legalization of bitcoin as an official payment method, reliable prediction by experts and increased acceptance in many other countries.”
He added that “its market value was going up by increased acceptance coupled with huge investment each day.”
One of the concerns around Bitcoin is that it is very unstable. According to trends mapped by Coindesk on January 11, 2017, the Bitcoin stood at around US$ 775. On September 01, 2017 it touched US$4900 before coming down to US$3200 on September 14, 2017. Interestingly, exactly a month after on October 14, it was soaring, with a value of US$ 5800. On November 8, its price climbed to US$7400 before slumping to US$ 5800 on November 12, 2017. Since then, its price continued to soar and crossed $ 10,000 mark on November 29.
Talal Raza is a Program Manager at Media Matters for Democracy. He has worked with renowned media organizations and NGOs including Geo News, The Nation, United States Institute of Peace and Privacy International.