Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy

Key Points

1. Bilal Bin Saqib, Pakistan's crypto minister, met with El Salvador's President Nayib Bukele to discuss Bitcoin adoption and signed a Letter of Intent for crypto collaboration.

2. Saqib praised Bukele's visionary leadership and conviction in backing Bitcoin despite skepticism and IMF concerns over El Salvador's Bitcoin holdings.

3. Pakistan is exploring El Salvador's Bitcoin-related initiatives, focusing on public sector adoption and blockchain technology, while under a $7 billion IMF loan program.

4. The IMF has raised concerns about Pakistan's plan to subsidize power for Bitcoin miners, fearing it could disrupt market balance despite Pakistan's seasonal excess electricity.

5. Pakistan's Finance Minister and Saqib also held a virtual discussion with Bitcoin pioneer Michael Saylor, whose firm holds significant Bitcoin reserves, reflecting Pakistan's growing commitment to digital assets.