Pakistan Shifts Stance on Bitcoin, Plans to Use Surplus Energy for Mining

Pakistan is making a significant shift in its stance on cryptocurrencies, particularly Bitcoin. The country's newly-formed Crypto Council, led by CEO Bilal Bin Saqib, has proposed utilizing Pakistan's surplus energy to power Bitcoin mining operations. This proposal was presented during the council's inaugural meeting on March 21, marking a pivotal moment in the nation's approach to digital assets. The meeting brought together key figures, including lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan, and the federal IT secretary. The primary objective is to establish a robust crypto ecosystem that attracts foreign investment and positions Pakistan as a major crypto hub.

This policy shift is particularly noteworthy given Pakistan's previous opposition to cryptocurrencies. In May 2023, the then-Minister of State for Finance and Revenue, Aisha Ghaus Pasha, stated that crypto would never be legalized in Pakistan due to concerns over anti-money laundering compliance under FATF guidelines. However, the government's position began to change on November 4, 2024, when it officially moved to regulate cryptocurrencies as legal tender. This change coincided with the United States' elections, suggesting a broader global trend toward pro-crypto policies.

The global shift toward embracing cryptocurrencies seems to have influenced Pakistan's decision. After his re-election, President Donald Trump implemented several digital asset-friendly policies. On January 23, 2025, he signed an executive order forming the Working Group on Digital Assets to explore broad regulatory reform. This order also banned any government-led research or issuance of a central bank digital currency (CBDC). In March 2025, Trump signed another executive order to establish a Bitcoin strategic reserve and a digital asset stockpile composed of US-origin cryptocurrencies. Pakistan's pivot aligns with this emerging international trend, indicating a broader acceptance of cryptocurrencies as a viable asset class.

In the United States, the Trump administration is exploring innovative ways to fund Bitcoin purchases. Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, revealed that one strategy under consideration involves using the government's undervalued gold certificates. These certificates are currently priced at a statutory value of $42.22 per troy ounce, significantly lower than the current market price of gold, which exceeds $3,000 per ounce. Senator Cynthia Lummis’ Bitcoin Act of 2025 proposes revaluing these gold certificates to reflect their true market worth, enabling the government to buy Bitcoin without impacting taxpayers. This mechanism could unlock substantial funds for Bitcoin purchases, aligning with the Trump administration’s push for a strategic, fiscally responsible accumulation of digital assets.

Currently, the US government holds approximately 207,000 BTC, primarily from seizures in criminal and civil cases, making it the largest known national holder of Bitcoin. The strategic reserve is being treated as a separate entity from the broader digital asset stockpile, driven by Bitcoin’s unique qualities as a commodity with no issuer and widely accepted status as a store of value. This distinction has been carefully defended by the administration, even as other digital assets are being considered for inclusion in the new national stockpile. Commerce Secretary Howard Lutnick and other officials agree that Bitcoin occupies a privileged position in the administration’s digital asset framework.

Meanwhile, the Trump administration is making legislative progress on crypto-related policies, with bipartisan momentum building behind a stablecoin bill and a broader crypto market structure bill. Representative Ro Khanna is optimistic that both measures could be passed this year. This legislative progress, combined with the strategic reserve initiatives, indicates a growing acceptance of cryptocurrencies at the highest levels of government.

In the private sector, Strategy co-founder Michael Saylor hinted at another potential Bitcoin purchase after the company’s recent capital raise through a preferred stock offering. In a post on X, Saylor shared a Bitcoin price chart with the caption “needs more orange,” teasing the possibility of another BTC acquisition once markets reopen. Strategy’s last purchase took place on March 17, when it bought 130 BTC for approximately $10.7 million, bringing its total holdings to 499,226 BTC. On March 21, Strategy announced the pricing of a new tranche of preferred stock, sold at $85 per share with a 10% coupon, expected to generate about $711 million in revenue. This capital infusion may set the stage for another large-scale Bitcoin purchase, consistent with the company’s long-term accumulation strategy.

Michael Saylor remains one of Bitcoin’s most vocal advocates, using both financial and political channels to promote the asset. He has called for the US government to buy 25% of Bitcoin’s total supply by 2035, when almost all of the 21 million coins will have been mined. He also published a proposal titled “A Digital Assets Strategy to Dominate the 21st Century Global Economy,” urging the government to adopt a clear regulatory framework for digital assets. At the recent Blockworks Digital Asset Summit, Saylor delivered his “21 Truths of Bitcoin” address, emphasizing Bitcoin’s superiority over traditional commodities. He argued that gold continues to underperform the S&P Index and claimed that Bitcoin is the only non-garbage investment commodity in human history.

Despite recent volatility in the crypto markets, Strategy has seen impressive returns on its Bitcoin holdings. The company is currently sitting on more than $9.3 billion in unrealized gains, with its investment up more than 28%. This success underscores the potential of Bitcoin as a long-term investment and highlights the growing acceptance of cryptocurrencies in both the public and private sectors. As Pakistan joins the global wave of embracing cryptocurrencies, it is poised to become a significant player in the digital asset landscape, leveraging its surplus energy to power Bitcoin mining and attract foreign investment. This strategic move aligns with the broader global trend toward pro-crypto policies, signaling a new era of economic empowerment and technological leadership for the country.