Bitcoin (BTC) price was recorded at 23840710.12 Pakistani Rupees (PKR) (approximately Rs 23.8 million)

Crypto exchange Coinbase beat estimates for fourth-quarter profit, driven by higher trading volumes in bitcoin and other digital tokens following the U.S. election.

Crypto exchange Coinbase on Friday beat estimates for fourth-quarter profit as higher trading volumes in bitcoin and other digital tokens following the U.S. election pushed up revenue.

Coinbase had a record third quarter in 2024, with net revenue more than doubling to $3.18 billion from $1.51 billion a year earlier. Analysts had expected fourth-quarter revenue of $2.96 billion, according to TipRanks.

Net income came in at $1.04 billion, compared with analysts’ average estimate of $944 million, according to a survey by Bloomberg.

The average price of bitcoin was recorded at 23,840,710.12 Pakistani Rupees (PKR) (approximately Rs 23.8 million) on Friday, March 28, 2025, compared with the rate of PKR 24,463,187.49 at closing on March 27, 2025.

Coinbase shares fell slightly in premarket trading on Friday. The company’s shares had soared more than 140% this year on strong trading and a rally in cryptocurrencies.

Unprecedented interest in crypto, fueled by Donald Trump’s victory in the November presidential election, pushed BTC beyond $100,000 in the quarter as investors anticipated more crypto-friendly policies under the new administration.

“The rapid adoption of digital assets continues to drive significant opportunities for Coinbase, and we are well-positioned to capitalize on this growing demand,” said Coinbase CEO Brian Armstrong.

Coinbase had warned last month that a portion of its employees would be laid off in the first quarter as the company faces a challenging macroeconomic environment.

Earlier this month, crypto exchange Binance said it was planning to apply for U.S. futures trading licenses.

It is pertinent to mention that in 2018, the State Bank of Pakistan (SBP) issued a notice warning commercial and general banks against using cryptocurrencies like Bitcoin or Litecoin.

The SBP said that these cryptocurrencies are not a legal tender in Pakistan and no legal permission has been granted to any bank or person for using, accepting, or exchanging cryptocurrency in any form.

“Attention is invited to the fact that despite repeated warnings, some commercial and general banks are accepting cryptocurrency like Bitcoin, Litecoin, Bitcoin Cash, and Stellar Lumens in violation of the banking laws and regulations of Pakistan,” the central bank said in the notice.

According to the SBP, these cryptocurrencies are not fully recognized by any state and are not subject to any central bank or monetary authority.

“Moreover, in view of the inherent risk profile of cryptocurrencies, no bank in the world is permitted to hold cryptocurrency in any form on its books,” it added.

The SBP also said that the statement of any person or entity, on social media or otherwise, that some banks have been given permission by the State Bank to use cryptocurrency is totally baseless and incorrect.

“The State Bank has not granted permission to any bank or person for using, accepting, or exchanging cryptocurrency in any form.”

The central bank further said that it is closely monitoring the developments in the new technologies and financial innovations and will keep announcing any changes in due course of time.

“In the meantime, all commercial and general banks are once again warned to strictly observe the provisions of the Banking Laws and Regulations of Pakistan and refrain from using, accepting, or exchanging cryptocurrency in any form.”What is Bitcoin?

Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government.

Instead, BTC’s community of users controls and regulates it. Advocates say this makes it an efficient alternative to traditional currencies because it is not subject to the whims of a state that may devalue its money to boost exports, for example.

Just like other currencies, BTCs can be exchanged for goods and services — or other currencies — provided the other party is willing to accept them.

Where does it come from?

Bitcoin was launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto.

Last year secretive Australian entrepreneur Craig Wright said he was the creator of Bitcoin, but some have raised doubts over his claim.

Hundreds of other digital currencies followed but Bitcoin is by far the most popular, with an increasing number of merchants accepting digital currencies for payments.

Transactions happen when heavily encrypted codes are passed across a computer network. The network as a whole monitor and verifies the transaction in a process that is intended to ensure no single Bitcoin can be spent in more than one place simultaneously.

Users can “mine” Bitcoins — bring new ones into being — by having their computers run complicated and increasingly difficult processes.

However, the model is limited and only 21 million units will ever be created.