Almost Bankrupt Pakistan to Make Bitcoin Reserve, Allocates 2000 MW Electricity for Crypto Mining

Recently, the US President Donald Trump signed an executive order to create a strategic reserve of the most valuable cryptocurrency Bitcoin. On the lines of America, the government of Pakistan has also announced to create a reserve of bitcoin.

Pakistan’s Prime Minister’s Prime Minister at a conference on bitcoin in Las Vegas, USA Cryptocurrency And Special Assistant on Blockchain, Bilal Bin Saqib said, “We are making a reserve of bitcoin, inspired by America.” In the last few months, Pakistan has taken some major measures regarding the crypto segment. Facing economic plight for the past several years, Pakistan had also informed about providing 2,000 MW surplus electricity for bitcoin mining and artificial intelligence (AI) data centers. Saqib said that a bitcoin wallet will be built in Pakistan for this reserve in which digital assets will be placed in the government’s custody. He said that bitcoins included in this reserve will not be sold.

However, it will be interesting to see how Pakistan, which takes billions of dollars debt from countries like International Monetary Fund (IMF) and China and Saudi Arabia, will arrange funds for this Crypto Reserve. The Strategic Bitcoin Reserve of the US will include bitcoins seized by the government. In the executive order on which Trump has signed, it has been clarified that the amount of taxpayers will not be used to buy cryptocurrency. It also states in this order that bitcoins deposited in the strategic reserve will not be sold. This means that the US government will exclude a part of the supply of bitcoin from the circulation.

According to an estimate, the US government has more than 1,98,000 bitcoins with more than $ 21.2 billion. Most of these bitcoins were seized by the US government in criminal cases. Earlier this week, Trump’s social media company Trump Media and Technology Group also decided to invest about $ 2.5 billion (about Rs 21,416 crore) in bitcoin. Crypto.com and anchorage will provide digital custody service for this bitcoin holding.