Who is the most important man in Pakistan? Most people would immediately say Pakistan Army chief, Field Marshal Asim Munir. But he might have competition from a fast-rising crypto evangelist: Bilal Bin Saqib.
Saqib isn’t a household name yet but give him a little time. The UK-based entrepreneur is the Pakistan prime minister’s advisor on cryptocurrency and blockchain. He’s been globetrotting, making high-level connections and pitching Pakistan as a promising destination for anyone hoping to make a quick fortune in the digital finance world.
Can he pull it off? Could he help transform Pakistan’s image from perennial third world basket case and terrorism-linked state to global financial hub?
It might sound improbable. But while India cautiously toes the regulatory line on digital finance, Pakistan is staging a bold comeback not with tanks or trade, but with cryptocurrency, as it seeks favour with the Donald Trump White House.
Saqib received the MBE award from King Charles for humanitarian services in the UK(bilalbinsaqib.com)
“Pakistan’s crypto push has already opened up many doors in Washington,” says Michael Kugelman, senior fellow, Asia Pacific Foundation. “Consider that until Trump hosted Pakistan’s army chief, the only known visiting senior Pakistani official to get a White House meeting during Trump’s second term was Saqib. He met one of Trump’s top crypto officials.”
Saqib laid out his ambitious vision at the Bitcoin Conference in Las Vegas at the end of May, a gathering of 35,000 crypto devotees. The audience included Eric and Donald Trump Jr, US Vice President J.D. Vance, former presidential hopeful Vivek Ramaswamy, and some of the biggest names in the cryptocurrency world. Among the stars was MicroStrategy Executive Chairman Michael Saylor, whose company has amassed a cryptocurrency trove now estimated at over $64 billion. Saylor addressed a packed and mesmerised hall.
Saqib ensured Pakistan stood out. He announced plans to create a Strategic Cryptocurrency Reserve, a sovereign fund designed to stabilise Pakistan’s cryptocurrency ecosystem. Weeks later, he hosted a video conference with Saylor and Pakistan’s finance minister, Muhammad Aurangzeb, inviting Saylor to act as a consultant on Pakistan’s crypto initiatives.
From Las Vegas, Saqib moved onto Washington and straight into the heart of Trumpworld. In June, he met Bo Hines, President Trump’s cryptocurrency advisor, followed by meetings with influential senators and congressional leaders pushing pro-crypto agendas. Kugelman observes, “Islamabad has come out of the gate with a savvy strategy, one that taps into the administration’s strong interest in crypto. This means that, at least initially, the Trump administration appears inclined to give Pakistan a closer look than many observers might have expected.”
Saqib’s also been building connections at other levels. In April, Zachary Witkoff, co-founder of World Liberty Financial (WLF), visited Pakistan. Witkoff has built a crypto empire in under a year -- possibly not that surprising considering that WLF’s biggest shareholders are none other than the Trump family.
Saqib with Anne, Princess Royal (bilalbinsaqib.com)
The WLF’s delegation received VIP treatment in Islamabad, meeting the prime minister, the army chief, the deputy PM, and ministers for defence and information. The trip ended with a formal agreement with Pakistan’s Cryptocurrency Council. A finance ministry official described the visit as “a major step toward positioning Pakistan as a global leader in the digital finance revolution.”
Zachary’s a useful contact in more ways than one. Don't forget that Zachary’s father, Steve Witkoff, is Trump’s Mideast envoy, regularly dispatched to the world’s trouble spots like Israel and also Russia to mediate. Like his boss, Steve started out as a real estate developer.
Back in the US, Saqib’s networking continued in New York, where he met mayor Eric Adams and Brandon Lutnick, CEO of financial powerhouse Cantor Fitzgerald. Brandon’s father, Howard Lutnick, is the current US commerce secretary and is leading America’s trade talks with India and other countries around the world – another high-value contact.
Mayor Adams, who also attended the Las Vegas conference, pledged to establish a crypto council in New York modelled on Pakistan’s initiative. “We consider New York to be Karachi,” Adams told Saqib — something few could have imagined anyone saying just months ago.
Outside the US, Saqib has been pushing ahead, too. In May, he met Justin Sun, the controversial founder of the Tron Foundation, a blockchain platform heavily used in crypto transactions.
Cryptocurrency has entered a new boom phase since Trump’s return to the Oval Office in January. One Bitcoin, valued at $64,000 in June 2024, has now surged past $108,000. The mood at Las Vegas was euphoric, and Saqib’s timing seems spot on. He claims Pakistan is a crypto frontrunner in the Global South, citing 40 million users — a figure that, if accurate, would suggest that a quarter of Pakistan’s adult population is already involved in the space. Analysts consider that number wildly inflated. But in the world of cryptocurrency, bluster is often part of the pitch.
Pakistan is making practical preparations too. It has earmarked 2,000MW of electricity to power blockchain mining. But keep in mind that power is one of Pakistan’s weak spots: the country’s total installed capacity is just 46,605MW, a fraction of India’s 426,132MW. Cryptocurrency is based on complex calculations that consume huge amounts of power.
Yet legal hurdles remain. Despite the fanfare, Pakistan still hasn’t updated its cryptocurrency laws. Digital assets remain illegal, and the State Bank of Pakistan does not recognise crypto as legal tender. In April, the Peshawar High Court gave the government a two-month deadline to formulate a crypto policy — but there’s been no sign of one yet.
As Kugelman puts it, “There’s a lot of carts being put before the horse here, with high-level engagements and agreements taking place at a moment when Pakistan barely has a crypto policy infrastructure and is still in the process of legalising it.”
Still, Saqib is a true believer. At just 34, he already has an impressive CV. A British Asian, he co-founded One Million Meals during the Covid-19 pandemic, delivering free food to NHS workers and frontline staff across the UK. For this, he was awarded an MBE (Member of the British Empire). In Pakistan, his Tayaba Organisation has also made a mark — distributing 30,000 H2O Wheels, a simple device that allows women in rural areas to roll heavy water containers instead of carrying them.
Pakistan’s campaign for relevance in Trump-era politics has been months in the making and it’s already paying dividends. In June, Trump hosted Field Marshal Munir for lunch at the White House — an unprecedented invitation for a Pakistani Army chief. “Pakistan’s crypto push has seemingly come out of nowhere,” Kugelman notes. “It had practically no crypto focus at all until Trump returned to power. And then suddenly it had a new crypto council in place with massive buy-in from the highest levels of power, including Field Marshal Munir.”
Crypto isn’t the only prize Pakistan is using to court Trump’s circle. It’s also lobbying Washington to invest in its rare earths, especially in its insurgency-hit western provinces. The US is said to be particularly interested in antimony, a mineral used in flame retardants and electric batteries. Pakistan has even offered to nominate Trump for the Nobel Peace Prize.
Representational image. (Shutterstock)
Kugelman suggests it’s part of a broader strategy: “Pakistan deserves to be applauded for honing in on those issues that Trump feels the most strongly about — crypto, critical minerals, counterterrorism — and pitching Pakistan as a critical partner on all of this. It’s an effective approach, given that a transactional administration won’t be swayed by boasts about more strategic considerations.”
So what does all this mean for India? Could Pakistan leapfrog its traditional image and emerge as a cryptocurrency powerhouse? Might that change its global standing? Kugelman thinks India shouldn’t overreact. “India may be best simply shrugging this off as Pakistan’s comparative advantage with the US, and focus on its own areas of strength with Washington — strengths that at the end of the day far exceed those of Pakistan.” And there's plenty that could go wrong: “There may be a lot of buzz around US-Pakistan crypto camaraderie right now, but it could well end up being a flash in the pan," he adds.
Right now, India is playing it safe. Crypto is legal to buy, sell, and trade but not to use as payment. The Reserve Bank of India remains cautious, and a discussion paper on proposed legislation is expected soon. Kugelman adds, “The administration would likely be interested in a potential Indian crypto pitch down the road, but given the new bumps in US-India relations and the urgency to get the broader partnership back on track, it just may not make sense to give it too much priority.”
Pakistan’s bid to rebrand itself as a cutting-edge crypto hub may still be a long shot. But with Saqib cultivating the Trump administration and digital finance gathering momentum globally, India may soon face a choice: whether to remain a cautious observer — or to step up its own game. It could be a multi-billion-dollar question that will need an answer soon.