Pakistan's crypto king unveils Strategic Bitcoin Reserve — but who's pulling the strings?

In a move that has drawn both global attention and geopolitical scrutiny, Pakistan's newly appointed Special Assistant to the Prime Minister on Crypto and Blockchain, Bilal Bin Saqib, unveiled the country's first government-led Strategic Bitcoin Reserve at the Bitcoin Vegas 2025 summit. But as the high-profile announcement echoes recent US crypto policy shifts, questions are emerging over the deep involvement of Trump-linked entities and the direction of Pakistan’s digital finance ambitions.

Addressing an elite audience that included US Vice President JD Vance, Eric Trump, and Donald Trump Jr., Saqib declared, “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.”

He announced the creation of a national bitcoin wallet "holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance." Saqib added that the Pakistani government has allocated 2,000 megawatts of surplus electricity for bitcoin mining and AI data centres, inviting "sovereign miners, tech firms, and clean energy partners around the world."

The speech also included a nod to former President Donald Trump for his "role as a peacemaker in the recent India-Pakistan conflict" and his support for global crypto adoption. Saqib, now holding ministerial rank, is spearheading the creation of the Pakistan Digital Assets Authority (PDAA) to regulate virtual assets and protect investors.

Who is behind Pakistan's crypto leap? 

Pakistan signed a deal on April 26 with World Liberty Financial (WLF), a US-based crypto firm in which Trump's sons Eric and Donald Jr., along with Jared Kushner, hold a 60% stake. The WLF homepage prominently displays the phrase "Inspired by Donald J Trump" beside the former president’s portrait.

The agreement includes exploring tokenisation of real-world assets, offering advisory on blockchain infrastructure, and helping design global regulatory frameworks. The signing was attended by Pakistan's Minister for Information Ataullah Tarar, PCC CEO Bilal Bin Saqib, and WLF co-chairman Zachary Witkoff — son of Trump's special envoy and longtime friend Steve Witkoff.

WLF delegates also met Prime Minister Shehbaz Sharif, Army Chief General Asim Munir, and key ministers to formalise crypto cooperation. Observers have raised alarms over the political subtext of the deal. 

Navroop Singh, author and founder of Niti Shastra, said that it was the US that was steering Pakistan’s crypto pivot. He also said that Pakistan was now the "Central Node in Trump’s Crypto Empire and the new money laundering scheme!"

"Pakistan follows the Trump way establishing Strategic Bitcoin Reserve! US is directing this show lock, stock & barrel," he wrote on X. 

C Raja Mohan, Visiting Professor at the Institute of South Asian Studies, wrote on Wednesday that "Delhi needs to be alert to the Trump-linked crypto venture. He cautioned that Pakistan's crypto push, including stablecoins for remittances and tokenised assets, may have broader regional and financial implications — especially with cryptocurrencies potentially bypassing central banks.

He added that Trump's second-term crypto strategy — including a US Strategic Bitcoin Reserve and national blockchain push — may signal a global shift: “Cryptocurrencies, once dismissed as a financial fad, have now become disruptive instruments in global finance."

Pakistan's PCC is now tasked with launching mining initiatives, creating FATF-compliant regulations, and expanding blockchain use in governance and finance — as Islamabad positions itself as a crypto-forward state amid uncertain economic conditions.