Pakistan and El Salvador Share Notes on Bitcoin: Is Crypto the Future or a Wild Ride?

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Well, well, well, folks! Pakistan has decided to cozy up with El Salvador in a move that could either be a stroke of genius or a catastrophic misstep. In the dazzling streets of San Salvador this week, Bilal Bin Saqib, the head honcho of the Pakistan Crypto Council (and the prime minister’s go-to guy for all things crypto), sat down with none other than El Salvador’s President, Nayib Bukele. And what did they do? They signed a Letter of Intent! I mean, who doesn’t love a good letter, right? 📜

Now, what’s the deal with this letter, you ask? It’s not just a glorified autograph; it’s a pact to exchange wisdom on all things Bitcoin in the public sector, blockchain-powered financial wizardry, and, of course, crafting policies for markets that are still stumbling around trying to find their feet. Because who doesn’t need a little help when playing with digital gold? 💰

Pakistan Gets Serious About Bitcoin (Or Does It?)

Reports say that this agreement formally connects El Salvador’s Bitcoin Office with Pakistan’s Crypto Council. A nice, tidy little arrangement to help Islamabad get its act together while it tries to figure out how to regulate the wild west that is cryptocurrency. Nothing like borrowing a few lessons from a country that legalized crypto with all the grace of a toddler learning to walk! 🍼

And here’s a fun tidbit: Pakistan is already knee-deep in a $7 billion IMF loan program that’s supposed to last until 2027. Now, Pakistan’s all ears, hoping to glean some insights from Bukele’s crypto escapades when he legalized Bitcoin as legal tender back in 2021. It didn’t exactly win him a standing ovation from the International Monetary Fund, but hey, who needs them when you’ve got Bitcoin, right? 🏦💥

Just met one of the most extraordinary visionary leaders of our time, President of El Salvador, @nayibbukele

A head of state who doesn’t just talk tech, but challenges it, from AI and robotics to Bitcoin.

He’s a leader from the future, who saw the future first because when it…

— Bilal bin Saqib MBE (@Bilalbinsaqib) July 16, 2025

IMF Throws Cold Water on Pakistan’s Bitcoin Mining Dreams

So, what’s the IMF got to say about all this? Well, they weren’t exactly throwing confetti. Pakistan had grand plans to offer cheap energy to energy-hungry industries, including Bitcoin mining. They even thought they could tap into up to 2,000 megawatts of surplus electricity (mainly in winter, because who needs heat when you can mine crypto?) to power their rigs and AI data centers. Sounds like a party, right? 🥳

But the IMF? Not impressed. They said, “Hold up, Pakistan! Special pricing schemes for crypto mining could mess up your energy market and send your fiscal balance into a tailspin!” Oops. Guess that means no special deals for the Bitcoin miners just yet. And if Pakistan pushes forward without the IMF’s blessing? Well, the IMF could throw a tantrum and delay the disbursement of their loan. Talk about a buzzkill. 🐝

But fear not, dear reader! Pakistan’s delegation didn’t stop there. They hopped onto a virtual meeting with Michael Saylor, the man whose company, Strategy, holds more than $62 billion in crypto reserves. That’s a lot of zeros, folks! Michael shared some juicy secrets on how to manage a gigantic Bitcoin portfolio and use digital assets as an institutional treasury tool. So, if anyone knows how to handle a crypto empire without crashing and burning, it’s this guy. 🔥

Pakistan’s dreaming big, hoping to build its own “Strategic Bitcoin Reserve” without getting burned by the market’s crazy price swings. You know, playing it safe like a gambler who’s had one too many bad hands. 🎲

Meanwhile, El Salvador has been stacking up the Bitcoin like it’s going out of style. They currently hold over 6,240 BTC, worth about $740 million. Bukele’s team has scooped up more than 3,000 BTC since they made Bitcoin legal tender, despite all the naysayers pointing out that the whole thing might not end well. But hey, who cares about volatility when you’re making history, right? 🤷‍♂️

Next Steps for Pakistan (Or How to Learn from Bukele’s Bumps)

Bilal Saqib, ever the optimist, hailed Bukele as “one of the most extraordinary visionary leaders of our time.” Well, they do say conviction is more important than a fat wallet. So, if you’re going to bet your country’s reputation on digital currency, might as well have a little conviction, right? Or a lot of conviction. Maybe both. 🤞

Looking ahead, Pakistan plans to send technical teams to El Salvador later this year. These lucky folks will study Bukele’s tax framework for Bitcoin gains, how the country set up its Bitcoin trust, and even the pilot projects that use blockchain for government payments. So, buckle up, folks! The crypto rollercoaster is just getting started! 🎢

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2025-07-17 22:56