David Edwards
Strategy (previously MicroStrategy) executive chairman Michael Saylor has come up to back Pakistan’s increasing shift toward bitcoin use. Saylor discussed Bitcoin’s possible position in Pakistan’s state reserves and regulatory framework with State Minister for Blockchain and Crypto Bilal Bin Saqib and Finance Minister Muhammad Aurangzeb during a high-level meeting in Islamabad.
Saylor indicated his willingness to act as a counselor as Pakistan formulates its national crypto strategy and voiced his strong support for the country’s nascent crypto activities, according to local media outlet Dawn.
“Pakistan has many brilliant people, and a lot of people do business with you,” Saylor said in a video posted by the country’s finance ministry on the social media site X. He used Strategy’s personal Bitcoin holdings as an illustration of how countries may show financial and intellectual leadership in the rapidly changing digital asset market.
The Model Is Strategy’s Vast Bitcoin Holdings
According to Bitbo data, Strategy has the highest Bitcoin holdings of any publicly traded company, with 582,000 BTC worth at nearly $61 billion. To finance its aggressive Bitcoin acquisitions, the company has raised billions of dollars through the issuance of debt and equity. Strategy’s stock price has soared more than 3,000% since its first Bitcoin acquisition in the middle of 2020, solidifying its position as one of the most well-known institutional backers of the cryptocurrency.
Saylor told Aurangzeb and Saqib that markets gave his company billions of dollars because they trusted its leadership, underscoring the significance of trust in luring in international investment. “The most important thing is leadership, intellectual leadership, and that they trust you,” Saylor stated.
He further elaborated that, “If the world trusts you and they hear your words, capital and capability will flow to Pakistan. It’s there, it wants to find a home.”
Pakistan Aims to Lead the Global South in Crypto
In the Global South, Pakistan is aggressively establishing itself as a pioneer in the development of digital assets. “Pakistan aspires to lead the Global South in the development and adoption of digital assets,” said Finance Minister Aurangzeb, reaffirming the nation’s goal to lead the adoption of cryptocurrency in emerging markets.
The discussion with Saylor was characterized by Bilal Bin Saqib as a “milestone in Pakistan’s effort to build a robust digital assets policy framework” and to make the country a “Web3 and Bitcoin-ready emerging market.” Saqib further urged Pakistan to emulate Strategy’s Bitcoin model, noting, “If private individuals can build that in the US, why can’t Pakistan, as a nation, do the same? We possess the skill, the narrative, and the vigor.
Fast-Tracks Crypto Regulation in Pakistan
In recent months, Pakistan has made a greater shift toward digital assets. A draft legal framework for crypto regulation was filed on June 6 by the Pakistan Crypto Council, a government-backed organization founded in March. The Ministry of Finance has pledged to expedite the approval procedure. In addition to being the head of the Council, Saqib advises World Liberty Financial, a cryptocurrency platform associated with former US President Donald Trump and his family.
The participation of well-known individuals like Saylor might give Pakistan’s digital asset strategy legitimacy, draw in foreign investment, and establish the country as a major participant in the global cryptocurrency market.
