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Evolution Magazine

Finance

The Most Expensive Currency

The Dollar? The Euro? No, It’s Bitcoin!

izmir, Turkey - November 20, 2017 Studio shot of golden Bitcoin with a digital background

The CEO of Kraken, Jesse Powell, claims that by next year, 1 bitcoin (BTC) will be worth a Lamborghini and by 2023, 1 BTC will be worth a whole Bugatti! 

As Powell responds to a question asked by Bloomberg on his end-of-year predictions, he said that he thinks that Bitcoin would be going into infinity but he is calculating it in dollars and that’s hard to compute. Predictions of Bitcoin are flawed, highlighting the inflationary nature of fiat currencies. 

BTC remains the world’s dominant cryptocurrency and reached a record high of just over $61,000 between March 13 and March 14. But its price is notoriously volatile and decreased to around $53,000 within two weeks. 

As of right now, 1 Bitcoin equals 8,978,126 Pakistani rupees and continues to rise. However, Bitcoin is no longer legal in Pakistan as of April 2018. The State Bank of Pakistan banned all cryptocurrency and decreed that all financial and monetary service providers, for example, banks and payment processors, cease all cryptocurrency relating to transactions. The main local Bitcoin exchange available to Pakistan was Urdubit, but that too is no longer active due to its legal status.

Reported by: Ehtisham

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