Strategy’s Michael Saylor to help Pakistan with crypto pivot

Pakistan has secured another big name to support its crypto pivot after Strategy executive chair Michael Saylor met with the country’s Ministry of Finance to laud its crypto efforts.

Saylor met with Pakistan Finance Minister Muhammad Aurangzeb and the country’s State minister on blockchain and crypto, Bilal Bin Saqib, on Sunday and discussed how Bitcoin (BTC) can function in a state reserve and the country’s 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.”

Saylor’s 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 Pakistan’s crypto vision: Saylor

Pakistan 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. It’s 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 they’ll 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 crypto

In the reported statement, Saqib’s office said its talk with Saylor was a “milestone in Pakistan’s 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 country’s budget in parliament on Wednesday. Source: Ministry of Finance/Facebook

Saqib said that Pakistan should take Saylor’s example of turning Strategy into a Bitcoin-buying vehicle.

Related: Saylor signals impending Bitcoin purchase amid Israel-Iran conflict

“If private individuals can build that in the US, why can’t Pakistan, as a nation, do the same?” he said. “We have the talent, the story, and the energy.”

Pakistan Crypto Council helps draft crypto laws

Earlier this month, on June 6, the government-backed Pakistan Crypto Council presented a draft legal framework, which the Finance Ministry agreed to fast-track the approval process for.

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