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Pakistan does crypto somersault to woo Trump, launches first govt-led strategic bitcoin reserve
Many see Islamabad's newfound interest in crypto as a way to grow close business ties with the family of US President Donald Trump read more
In a move being hailed as 'strategic' in Pakistan, the country has announced the establishment of its first government-backed Strategic Bitcoin reserve. On Wednesday (May 28), Pakistan Crypto Council CEO Bilal Bin Saqib made the announcement at the Bitcoin Vegas 2025 conference in Las Vegas. The stakes are high for Pakistan, as evident through the presence of US Vice President JD Vance and the sons of President Donald Trump, Eric and Donald Trump Jr, at the event.
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'Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation — powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen,' Saqib said.
What is behind Pakistan's newfound love for crypto?
Many see Islamabad's newfound interest in crypto as a way to grow close business ties with the family of US President Donald Trump.
Saqib himself admitted that Pakistan's crypto move was inspired by the US.
'We want to thank the US because we are getting inspired from them,' Bilal said.
It's to be noted that Trump, in March, had signed an executive order to establish a strategic Bitcoin reserve. Pakistan simply took a leaf out of Trump's playbook in order to build closer ties with the US administration.
This is just another move in a series of steps taken by Islamabad to promote crypto in the country in a sudden and urgent push.
Earlier, the government-backed Pakistan Crypto Council struck a deal with World Liberty Financial, a cryptocurrency platform backed by Trump, to 'accelerate' blockchain innovation in the country. Pakistan has taken other crypto-friendly measures too. For instance, the country's finance ministry earlier this week announced plans to assign 2000 megawatts of electricity to power Bitcoin mining.
Saqib also assured in his Bitcoin Vegas Summit speech that Pakistan is looking to hold crypto reserves for long term. He said the government will hold BTC in a national wallet and 'never ever' sell them.
The geopolitical angle
Many experts believe that these crypto dealings by Pakistan may have influenced Trump's recent declarations about ceasefire between New Delhi and Islamabad.
Trump, while praising the leaders of both India and Pakistan, recently claimed that he helped broker a ceasefire between the two nations after the two countries almost went to a war following the April 22 terrorist attack in Kashmir's Pahalgam.
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Pakistan too has endorsed Trump's narrative, whereas India has disputed it, saying the understanding was reached strictly on bilateral terms and the US had a limited role to play.
Hussain Nadeem, a policy strategist and Pakistani AI expert, recently explained how Pakistan's pivot to crypto was not an economic move but political, with no emphasis on 'public good'.
'The way this regime is approaching Crypto, it has unfortunately become a yet new con that has politics, not public good, as an end goal. Why?' Nadeem asked on X.
He added, 'Because the geopolitics obsessed ruling elite in Pakistan has no interest in Blockchain/Crypto or how it could empower millions of people, improve democratic governance, enhance transparency and turn around Pakistan's economy. If they actually wanted to do good, they wouldn't be throttling internet or shutting down social media or ruining the entire tech economy in Pakistan. The entire decentralised philosophy runs entirely contrary to the regime's interest.'
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'The regime has only ONE interest in Crypto: Access to the Trump White House, and sadly this hype is all about that, nothing more,' he wrote.
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