On May 28, 2025, Pakistan announced the establishment of its first government-led Strategic Bitcoin Reserve. The announcement was made by Bilal Bin Saqib, CEO of the Pakistan Crypto Council and Special Assistant to the Prime Minister on Crypto and Blockchain, during the Bitcoin 2025 conference in Las Vegas.

The specific size of the reserve was not disclosed. However, if Pakistan were to allocate even 1% of its foreign exchange and gold reserves, that would amount to around $200 million, equivalent to approximately 1,880 BTC at current prices. In contrast, the United States has established a Strategic Bitcoin Reserve reportedly holding about 200,000 BTC, valued at over $21 billion as of May 2025.

The announcement marked a major turning point in Pakistan’s previously cautious stance toward cryptocurrencies.

Until this year, Pakistan had maintained a skeptical posture, citing regulatory uncertainty and risks to financial stability. However, in early 2025, the country underwent a rapid transformation in crypto policy, marked by a series of significant developments:

  • February 2025: The government proposed forming the National Crypto Council (NCC) to develop crypto policy and attract foreign investment.
  • March 2025: Prime Minister Shehbaz Sharif officially established the Pakistan Crypto Council (PCC), tasking it with drafting regulatory frameworks for digital assets—a move supported by key institutional stakeholders.
  • April 2025: Former Binance CEO Changpeng Zhao was appointed as a strategic advisor to the PCC, underscoring Pakistan’s interest in drawing on global crypto expertise.
  • May 2025: The government announced the allocation of 2,000 megawatts of electricity for Bitcoin mining and AI data centers, repurposing surplus energy to support digital infrastructure.

Bilal Bin Saqib has played a central role in driving these initiatives. As both NCC chief and government advisor, he has championed the integration of cryptocurrencies into Pakistan's broader financial strategy.

Pakistan’s crypto push has also intersected with U.S.-based private interests. In April 2025, the country signed an agreement with World Liberty Financial (WLF)—a crypto firm in which Eric Trump, Donald Trump Jr., and Jared Kushner reportedly hold a 60% ownership stake. The deal added a layer of geopolitical and commercial intrigue to the reserve’s launch.

Most recently, the government established the Pakistan Digital Asset Authority (PDAA), tasked with licensing crypto entities, regulating digital asset flows, and overseeing compliance. Unlike the NCC, which acts as a policy advisory body, the PDAA is a statutory authority with regulatory enforcement powers.

The U.S.-Led Bitcoin Reserve Momentum

The U.S. government's move to create a Strategic Bitcoin Reserve has likely inspired similar actions globally—including Pakistan’s. Over the past year, lawmakers such as Senators Cynthia Lummis and Ted Cruz have advocated for recognizing Bitcoin as a national asset, pushing for incentives for Bitcoin mining and on-chain reserve custody. In early 2025, Donald Trump publicly endorsed Bitcoin during his presidential campaign, framing it as a pillar of American financial sovereignty. Shortly after, Vice President JD Vance echoed those remarks, positioning Bitcoin as a strategic counterbalance in the U.S.-China rivalry.

These coordinated developments have helped reshape U.S. policy around Bitcoin—from reluctant tolerance to a posture of strategic embrace. The resulting narrative now treats Bitcoin not just as a speculative asset but as a tool of economic leverage and national advantage.

Institutional Caution and Global Divergence

While many experts praise Bitcoin reserves for their diversification benefits, inflation resistance, and potential to modernize state finance, the IMF and World Bank remain strongly opposed. Their criticisms focus on volatility, lack of regulatory clarity, and the asset’s unsuitability as a liquidity reserve.

A notable precedent is El Salvador’s 2021 adoption of Bitcoin as legal tender, which drew strong criticism from the IMF and complicated its access to international funding. Although a $1.4 billion loan was eventually approved in 2024, it came with strict conditions aimed at curbing the government's Bitcoin-related activities—underscoring the geopolitical friction that can arise when states depart from conventional monetary policy.

As of now, a few other countries are warming to the concept. Germany, Hong Kong, and Russia are actively exploring Bitcoin reserves as part of broader financial modernization strategies. In contrast, countries like Japan, South Korea, and Switzerland have publicly dismissed the idea, citing volatility and concerns over systemic integration.

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