Pakistan has secured another big name to support its crypto pivot after Strategy executive chair Michael Saylor met with the countrys Ministry of Finance to laud its crypto efforts.
Saylor met with Pakistan Finance Minister Muhammad Aurangzeb and the countrys State minister on blockchain and crypto, Bilal Bin Saqib, on Sunday and discussed how Bitcoin (BTC) can function in a state reserve and the countrys planned crypto policies, while Saylor welcomed coming on an as adviser, local media outlet Dawn reported, citing a press release.In a video posted to X on Sunday by a Finance Ministry official, Saylor told the pair that Pakistan has many brilliant people and a lot of people do business with you and used his Bitcoin-buying company as an example of how the country can show intellectual leadership.Saylors Strategy, formerly MicroStrategy, has the largest Bitcoin holdings among public companies, with 582,000 BTC worth over $61 billion according to Bitbo.Strategy has sold billions of dollars worth of debt and shares to fund its Bitcoin buys, and its share price has soared over 3,000% since its first purchase in mid-2020.Market will back Pakistans crypto vision: SaylorPakistan has shifted to become more crypto-friendly, with the government setting up a crypto authority last month to regulate crypto, while Saqib has said the country will create a Bitcoin reserve.Saylor told Aurangzeb and Saqib that the markets gave him billions of dollars because they trust us, adding that the most important thing is leadership, intellectual leadership, and that they trust you.If the world trusts you and they hear your words and you speak particularly, the capital and the capability will flow to Pakistan.
Its there, it wants to find a home.He added that when the market decides who is leading in a particular area, they get behind the leader and they send their money to you and I think theyll do it to Pakistan.You have the most important thing, which is you have a commitment and a will and clarity.
I look forward to working with you, Saylor said.Pakistan wants to lead Global South in cryptoIn the reported statement, Saqibs office said its talk with Saylor was a milestone in Pakistans effort to build a robust digital assets policy framework and present the country as a Web3 and Bitcoin-ready emerging market.Aurangzeb said that Pakistan aspires to lead the Global South in the development and adoption of digital assets, referring to the group of nations typically regarded as having a lower level of economic development.Aurangzeb presented the countrys budget in parliament on Wednesday.
Source: Ministry of Finance/FacebookSaqib said that Pakistan should take Saylors example of turning Strategy into a Bitcoin-buying vehicle.Related: Saylor signals impending Bitcoin purchase amid Israel-Iran conflictIf private individuals can build that in the US, why cant Pakistan, as a nation, do the same? he said.
We have the talent, the story, and the energy.Pakistan Crypto Council helps draft crypto lawsEarlier this month, on June 6, the government-backed Pakistan Crypto Council presented a draft legal framework, for which the Finance Ministry agreed to fast-track the approval process.The crypto council was created in March, and Saqib was installed as CEO.
He is also an adviser to World Liberty Financial, the crypto platform linked to US President Donald Trump and his family.Magazine: US risks being front run on Bitcoin reserve by other nations Samson Mow