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Strategy's Michael Saylor said during a meeting with the country's finance and cryptocurrency ministers that he welcomes the opportunity to advise Pakistan on its cryptocurrency ambitions.
Michael Saylor from Strategy will help Pakistan transition to cryptocurrencies
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Pakistan has gained another big name to support its pivot towards cryptocurrencies after the CEO of Strategy, Michael Saylor, met with the country's Ministry of Finance to commend its efforts in the field of cryptocurrencies.
Saylor met with Pakistani Finance Minister Muhammad Aurangzeb and Pakistani State Minister for Blockchain and Cryptocurrency, Bilal bin Saqib, on Sunday and discussed how Bitcoin works.
Bitcoin
$106,661
It can work in the state's reserves and planned cryptocurrency policies in the country, while Saylor welcomed his arrival as an advisor, according to local media Dawn, citing a press release.
In a video posted by a finance ministry official on X on Sunday, Saylor told the couple that "Pakistan has many wonderful people and a lot of people dealing with you" and used his company’s Bitcoin purchases as an example of how the country can demonstrate "intellectual leadership."
Saylor's Strategy, formerly known as MicroStrategy, holds the largest Bitcoin holdings among public companies, with 582,000 BTC worth over $61 billion according to Bitbo.
The company sold billions of dollars in debt and equity to fund its Bitcoin purchases, and its stock price has risen over 3000% since its first purchase in mid-2020.
The market will support Pakistan's vision in the field of cryptocurrencies: Saylor
Pakistan has become more cryptocurrency-friendly, as the government established a cryptocurrency authority last month to regulate it, while Saqib mentioned that the country would create a Bitcoin reserve.
Saylor told Aurangzeb and Saqib that markets have given him billions of dollars "because they trust us," adding that "the most important thing is leadership, intellectual leadership, and for them to trust you."
If the world trusts you and listens to your words, and you speak honestly, capital and capabilities will flow into Pakistan. It's there, and it wants to find a home.
He added that when the market decides who the leader is in a particular area, "they stand behind the leader and send their money to you - and I believe they will do the same in Pakistan."
Saylor said: "The most important thing you have is commitment, will, and clarity. I look forward to working with you."
Pakistan wants to lead the global south in the field of cryptocurrencies
In the mentioned statement, Saqib's office said that his talks with Saylor were "a milestone in Pakistan's efforts to build a strong policy framework for digital assets" and to present the country as "an emerging market ready for Web 3 and Bitcoin."
Aurangzeb stated that Pakistan "aspires to lead the global south in the development and adoption of digital assets," referring to a group of countries typically seen as having a lower level of economic development.
Aurangzeb presented the country's budget before Parliament on Wednesday. Source: Ministry of Finance/Facebook
Saqib stated that Pakistan should take Saylor's example in turning strategy into a tool for purchasing Bitcoin.
Related: Saylor hints at imminent Bitcoin purchase amid Israeli-Iranian conflict
If individuals can build that in the United States, why can't Pakistan, as a country, do the same? He said: "We have the talent, the story, and the energy."
The Pakistan Cryptocurrency Council is helping to draft cryptocurrency laws
Earlier this month, on June 6, the government-backed Pakistan Cryptocurrency Council presented a draft legal framework, which the Ministry of Finance approved to expedite the approval process.
The Cryptocurrency Council was created in March, and Saqib was appointed as its CEO. He is also an advisor to World Liberty Financial, a cryptocurrency platform linked to U.S. President Donald Trump and his family.
