Bitcoin | Pakistan

Bitcoin reached a new record high on Sunday, rising above the $125,000 mark. The cryptocurrency reached $125,689, shooting above its previous August record of around $124,500. Bitcoin has enjoyed a strong upward momentum, with investors cautious about the United States’ government shutdown. Gains in US shares have also supported bitcoin’s rise, while investors have looked to safe haven assets while US lawmakers negotiate over funding the federal government, Bloomberg News said. US President Donald Trump and his family have also been big promoters of cryptocurrencies and are involved in various crypto endeavours that have inflated his wealth. Trump’s embrace of digital assets has reversed years of US government scepticism towards the crypto industry under his Democratic predecessor Joe Biden, with the US House of Representatives passing three landmark cryptocurrency bills in July. These regulatory changes have seen the value of bitcoin soar. “With many assets including equities, gold and even collectibles like...

Bitcoin hit a record high on Thursday as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms. The world’s largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the […]

LOI signed; deal sets stage for govt to explore Bitcoin reserves, and regulatory innovation

Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $121,207.55 in the Asian session on Monday, before pulling back slightly to last trade 1.6 per cent higher at $121,015.42. Starting today, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry. “It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. “It’s been a very, very, strong move over the past six or seven days, and it’s hard to see where it stops now; it...

American entrepreneur Michael Saylor on Sunday lauded Pakistan’s efforts to move towards cryptocurrency and digital assets, according to a press release from the office of the State Minister on Blockchain and Crypto Bilal Bin Saqib. Pakistan is establishing itself as a key player in the global cryptocurrency economy and setting trends rather than following them in the digital currency space, said Saqib, who is also the Pakistan Crypto Council (PCC) Chief Executive Officer. The PCC was officially launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape. According to the press release, Saylor had a meeting with Saqib and Finance Minister Muhammad Aurangzeb, where the discussion revolved around how Bitcoin can serve as a tool for sovereign reserves, monetary resilience and driving long-term digital economic transformation. Calling Saylor “one of the most influential voices in Bitcoin’s institutional adoption”, the statement outlined that his en...

In a groundbreaking move to transform Pakistan into a global leader in digital innovation, the government has announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence (AI) data centres. The government recently decided to legalise cryptocurrency to lure international investment in Pakistan. The Pakistan Crypto Council (PCC) was launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape. The federal government appointed entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the council. A statement by the Finance Division says this ambitious initiative is spearheaded by the PCC — a government-backed body under the Ministry of Finance — as part of a broader strategy to “monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions of dollars for the gove...