Recent events have caused me to remain inactive and unable to keep my blog posts coming. Pakistan has recently seen good interest in bitcoin and blockchain. So much so that urdubit Pakistans First and only bitcoin trading platform was awarded UBL Innovation Award in Fintech Category at P@sha Annual 2016 awards. Followed by this announcement the company Blockchain Tech(parent company of urdubit) sold 40% of shares to Planet N who plan to collaboratively lead the blockchain development in Pakistan.
As recently as 2 months ago. Blockchain Tech (pvt) Ltd signed a MOU with IBM to collaborate on POC over blockchain based products. The idea is to bring use cases to Pakistan which will improve security in current setups and at the same time bring transparency to the systems.
With people now realizing the potential that bitcoin brings, the demand has grown tremendously. This can be seen by the growing trading volumes of bitcoin in Pakistan on localbitcoins and urdubit . We seen the avg increase to about 60% over a period of just 2 months. This has also increased as new investors now want to take part in trading bitcoin as a commodity. The price increase of btc over recent months from $900 to $1136 (as of this writing), while touching $1295 has also sparked interest in the general populations.
At this stage I would like to re emphasize the fact that bitcoin is still a high volatile market, while the potential as a technology remains limitless it is still a risky investment with a high rate of return. We have recently seen forbes, Washington post, bbc all cover bitcoin as it had reached price parity with gold where 1 oz of gold was equal to 1 bitcoin. The upcoming Winklewoss twins ETF fund is also playing an important factor in price increase. This fund named COIN will be regulated under SEC. If the offering is accepted we should see a heavy injection from new users into crypto currency. The expected date is March 13th, if the fund is not rejected by then then it will most likely go through.