Pakistan’s proposal is a very sharp pivot from its previous anti-crypto stance, and aligns with the broader global shift after US President Donald Trump’s pro-Bitcoin executive orders, including the creation of a strategic Bitcoin reserve and rejection of a CBDC. Meanwhile, the US is exploring innovative ways to fund Bitcoin purchases by using revalued gold certificates. In the private sector, Michael Saylor’s Strategy is preparing for another major BTC acquisition after raising $711 million.
Pakistan Joins Global Crypto Wave
Pakistan is making a bold move toward embracing cryptocurrency after Bilal Bin Saqib, the CEO of the newly-formed Crypto Council, proposed the use of the country’s surplus energy to mine Bitcoin. This proposal was brought forward during the council’s inaugural meeting on March 21, which signaled a major shift in the country's stance on digital assets.
The meeting gathered high-profile figures, including lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal IT secretary. The main goal of the initiative is to lay the groundwork for a robust crypto ecosystem in Pakistan, focusing on attracting foreign investment and establishing the nation as a major crypto hub. Senator Muhammad Aurangzeb praised the efforts, and stated that it was the start of a new digital era for the country, one that promotes transparency, economic empowerment, and technological leadership.
This change in policy is especially interesting when considering the government's previously rigid opposition to cryptocurrencies. In May of 2023, then-Minister of State for Finance and Revenue Aisha Ghaus Pasha stated that crypto will never be legalized in Pakistan, due to concerns over anti-money laundering compliance under FATF guidelines. However, the tide turned on Nov. 4, 2024, when the government officially moved to regulate cryptocurrencies as legal tender. This was during the same time that elections were held in the United States.
The global shift toward pro-crypto policies seems to have influenced Pakistan’s decision. After his re-election, President Donald Trump very quickly implemented several digital asset-friendly policies. On Jan. 23, 2025, he signed an executive order forming the Working Group on Digital Assets to explore broad regulatory reform.
Donald Trump signing executive orders
The same order also banned any government-led research or issuance of a central bank digital currency (CBDC). In another show of support, Trump signed another executive order in March of 2025 to establish a Bitcoin strategic reserve along with a digital asset stockpile composed of US-origin cryptocurrencies. Pakistan’s pivot seems to align with this emerging international trend.
US Gold to Bitcoin Plan Gains Momentum
The Trump administration is also exploring creative, budget-neutral ways to expand the United States’ Strategic Bitcoin Reserve, according to Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets. On the Crypto in America podcast, Hines revealed that one of the most promising strategies 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, which is much lower than the current market price of gold, which exceeds $3,000 per ounce. Hines referenced Senator Cynthia Lummis’ Bitcoin Act of 2025, which proposes revaluing these gold certificates to reflect their true market worth, thereby enabling the government to buy Bitcoin without it impacting taxpayers.
The legislation recommends that Federal Reserve banks submit all outstanding gold certificates to the Treasury Secretary, who will then issue updated certificates based on the fair market value of the underlying gold. This mechanism could potentially unlock substantial funds for Bitcoin purchases, which certainly aligns 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. This makes it the largest known national holder of Bitcoin. According to Hines, the strategic reserve is being treated as a separate entity from the broader digital asset stockpile, a distinction driven by Bitcoin’s unique qualities as a commodity with no issuer and widely accepted status as a store of value. He stated that Bitcoin’s special status had been carefully defended by the administration, even as other digital assets were being considered for inclusion in the new national stockpile.
Commerce Secretary Howard Lutnick and other officials agreed with this sentiment that Bitcoin occupies a privileged position in the administration’s digital asset framework. Meanwhile, the Trump administration is also 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 very optimistic that both measures could be passed this year.
Strategy Signals More BTC Ahead
It is not only countries interested in gathering more Bitcoin. Strategy co-founder Michael Saylor hinted at yet 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. According to SaylorTracker, the company’s last purchase took place on March 17, when it bought 130 BTC for approximately $10.7 million. This brought its total holdings to 499,226 BTC. Although it was a relatively small buy compared to its previous acquisitions, it followed a brief two-week pause in activity.
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, which is consistent with the company’s long-term accumulation strategy.
Michael Saylor is still one of Bitcoin’s most vocal advocates, and he uses both financial and political channels to promote the asset. He also 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, in which he placed a lot of emphasis on 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 saw some very 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%.
