Saylor backs Pakistan as Bitcoin frontier

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KARACHI: “Pakistan has many brilliant people. It also has commitment and clarity needed by businesses globally.”- Michael Saylor, Executive Chairman of Strategy, formerly MicroStrategy
In an era of digital disruption and decentralised finance, Pakistan has stepped onto a path few emerging economies have dared to tread with such boldness. The endorsement by Michael Saylor – a titan of the global crypto movement – is not merely flattering; it is telling. It signals the awakening of a nation ready to leverage digital assets, blockchain, and artificial intelligence not just as tools of economic efficiency, but as pillars of sovereign strength. Yet this commendable pivot, led by Prime Minister Shehbaz Sharif’s administration, has not gone unchallenged. The digitalisation of the economy, particularly the adoption of smart currencies and Bitcoin-based reserves, has ignited a firestorm of scepticism both within and beyond the country’s borders.
But is the criticism fair? And what exactly underpins this ideological shift towards a digital economic future?
From solar surplus to digital sovereignty: At the core of Pakistan’s digital leap lies an irony: an energy surplus in a nation long plagued by power shortages. The explosion of solar energy – while empowering millions of households – has placed downward pressure on national grid demand. In this paradox, the government sees opportunity. By channelling excess electricity into Bitcoin mining farms and AI data centres, Pakistan aims to monetise what was once a liability.
This approach is not whimsical; it is deeply strategic. Bitcoin mining requires low-cost, consistent energy – and Pakistan’s surplus, particularly in sun-rich southern regions, provides just that. Furthermore, such a move establishes a new form of digital infrastructure, positioning Pakistan to benefit from the next wave of technological globalisation.
Michael Saylor, whose company holds over 582,000 Bitcoins valued above $62 billion, lauded the government’s vision at a recent high-level meeting chaired by Finance Minister Muhammad Aurangzeb and Minister of State for Crypto and Blockchain Bilal Bin Saqib. Saylor’s praise lends credibility to what critics often dismiss as economic romanticism.
Ideology behind the digital pivot: The ideology driving this transformation is rooted in digital sovereignty – the belief that nations must harness emerging technologies not only to stay relevant, but to assert their autonomy over data, capital, and innovation. Prime Minister Shehbaz Sharif’s government envisions a Pakistan where fintech replaces informal finance, where smart contracts power transactions, and where the rupee’s digital counterpart offers both accountability and agility.
This vision aligns with broader goals of financial inclusion, economic transparency, and technological self-reliance. In a country where only 26% of the adult population has access to formal banking, blockchain can act as an equaliser. It removes the middleman, reduces corruption, and creates trust in a system long characterised by opacity.
The Trump-backed partnership: A turning point: One of the most intriguing developments has been the Pakistan government’s burgeoning alliance with World Liberty Financial (WLF) – a decentralised finance platform reportedly backed by former US President Donald Trump and his family. A signed Letter of Intent (LoI) between WLF and the Pakistan Crypto Council has opened the doors to stablecoin adoption, remittance optimisation, and the tokenisation of real-world assets.
This partnership is more than symbolic. It places Pakistan in the epicentre of a global DeFi revolution, championed by one of the West’s most powerful political dynasties. The Trump-backed firm’s involvement – including direct meetings with Prime Minister Shehbaz Sharif, Chief of Army Staff Field Marshal General Asim Munir, and other senior leadership – underlines a seismic shift in the global perception of Pakistan’s digital potential.
And yet, this very partnership has attracted criticism – from analysts wary of ideological entanglements to financial purists who fear volatility. But the criticism often misses the broader picture: decentralised finance is the future, and Pakistan is choosing not to be left behind.
Critics and cynics: Where the doubts lie: So, where does the criticism stem from? Detractors argue that Pakistan’s fragile regulatory infrastructure is ill-prepared for the risks that come with digital assets – from money laundering to capital flight. The State Bank of Pakistan’s initial resistance to crypto – including its 2018 ban – is often cited as evidence of underlying systemic unpreparedness.
Others question the legitimacy of partnering with politically controversial entities like WLF, citing geopolitical implications. Some economists worry that placing Bitcoin within sovereign reserves – a volatile and unpredictable asset – may expose Pakistan’s financial system to undue risk.
But to focus solely on risks is to ignore the opportunity cost of inaction. As Saylor himself stated, “Bitcoin is the strongest asset for long-term national resilience.” Emerging markets that adopt early and regulate wisely stand to leapfrog traditional systems – a phenomenon Pakistan cannot afford to overlook.
Laying the foundations: Regulation and education: The creation of the Pakistan Virtual Assets Regulatory Authority (PVARA), the first-ever policy framework for crypto trading, and the strategic establishment of the Pakistan Crypto Council (PCC) are key institutional responses to regulatory gaps. These bodies aim to streamline digital asset activity in line with Financial Action Task Force (FATF) guidelines and global best practices.
Minister Bilal Bin Saqib has called for regulatory sandboxes, AI upskilling, and strategic public-private partnerships to ensure Pakistan’s transition into a knowledge economy is not just tech-driven but people-centred. Programmes to educate SMEs, traders, and students on blockchain applications are already underway, aiming to unlock the full potential of Pakistan’s digital demographic dividend.
The Raast instant payment system, launched by SBP in 2021, has already shown the power of digital transformation. With over 200 million transactions processed by 2024, and with EMIs like JazzCash and Easypaisa reaching millions, the infrastructure for a cashless economy is finally taking root.
Pakistan’s journey from a cash-heavy to a crypto-curious economy may be fraught with hurdles, but it is also rich with promise. The seeds planted today – through partnerships, policy, and perseverance – could yield a harvest of innovation, investment, and inclusion for decades to come.
Pakistan’s adoption of digital currency and blockchain is not a reckless leap into the unknown. It is a calculated stride towards digital sovereignty, built on regulatory pragmatism, global partnerships, and visionary leadership. The involvement of global titans like Michael Saylor and the Trump-backed World Liberty Financial speaks volumes about the confidence international players have in Pakistan’s digital future.
Critics may scoff, but Pakistan is not building castles in the air – it is laying bricks in a blockchain.