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At an ornate building in the heart of Islamabad, Pakistan\u2019s most powerful leaders gathered in January to welcome a special visitor: Zachary Witkoff, chief executive officer of World Liberty Financial, the crypto platform co-founded by US President Donald Trump.<\/p>\n
The prestigious guest list made the event look more like a state visit than a ceremony for a non-binding stablecoin agreement that is exploratory in nature and doesn\u2019t involve a major financial commitment. A group photo showed the 32-year-old son of Trump adviser Steve Witkoff flanked by Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, the nation\u2019s even more powerful military chief.<\/p>\n
Standing on the other side of Munir was a key player in transforming the relationship between the US and Pakistan over the past year: Bilal Bin Saqib, a 35-year-old self-described \u201ccrypto bro\u201d who says he worked three jobs to get through college, including cleaning toilets. At the event, Saqib hailed the visit by Zachary Witkoff and other World Liberty Financial executives as helping to \u201cput Pakistan on the map.\u201d<\/p>\n
Pakistan\u2019s adept use of crypto diplomacy \u2014 or \u201cbiplomacy\u201d as Saqib calls it, a reference to Bitcoin\u00a0\u2014\u00a0has buttressed a burgeoning friendship between Trump and Munir. The red carpet treatment in Islamabad for the American president\u2019s family business underscores the growing depth of an increasingly important geopolitical relationship, seen by Pakistan\u2019s emergence as a key intermediary between the US and Iran in a war that threatens to upend the global economy.<\/p>\n
Steve Witkoff confirmed last week that Pakistan delivered a 15-point action plan, and Islamabad has also been mentioned as a potential venue for any talks ahead of Trump\u2019s April 6 deadline for Iran to strike a deal or face attacks on critical infrastructure. Pakistan also has an incentive to resolve this: the country faces the prospect of an acute energy shortage as Iran blocks most ships from passing through the Strait of Hormuz.<\/p>\n
\u201cGiven how important personal connections are in the Trump White House\u2019s policy process, Pakistan may well have bought itself some influence in the White House that advantaged it when it pitched itself to Washington as a mediator,\u201d said Michael Kugelman, resident senior fellow for South Asia at the Washington-based Atlantic Council, citing the deals with Zachary Witkoff. \u201cWith this unconventional US administration, unconventional factors can help your cause\u00a0\u2014 and that\u2019s certainly the case with crypto.\u201d<\/p>\n
Plucked from relative obscurity last year, Saqib has suddenly become one of Pakistan\u2019s most influential figures. He\u2019s forged partnerships with crypto luminaries such as Changpeng Zhao,\u00a0better known as CZ, the billionaire founder of Binance Holdings Ltd., the world\u2019s largest cryptocurrency-exchange. He\u2019s also rubbed shoulders with the likes of fund manager Cathie Wood, Bitcoin billionaire Michael Saylor and Nayib Bukele, El Salvador\u2019s president who made Bitcoin legal tender in 2021 and established a Strategic Bitcoin Reserve Fund.<\/p>\n
Zachary Witkoff stands by Donald Trump Jr. and Eric Trump as they celebrate a World Liberty Financial deal during the opening bell at Nasdaq in New York on 13 August. Image: Adam Gray\/Bloomberg<\/p>\n
Yet no relationship has paid more diplomatic and commercial dividends than his close ties with World Liberty Financial, which named Saqib as an adviser last April. He\u00a0stepped away from that role when he entered government service and wasn\u2019t\u00a0being paid, said David Wachsman, a spokesman for World Liberty Financial.<\/p>\n
Last month, Saqib posted a selfie with Zachary Witkoff and other company executives at Trump\u2019s Mar-a-Lago club in Florida. That came around the same time that Pakistan reached an agreement with the US to revamp the Roosevelt Hotel in Manhattan, a deal negotiated by Steve Witkoff.<\/p>\n
\u201cBecause of crypto, doors have opened,\u201d Saqib said in a recent interview. \u201cNew conversations have opened, trust has been built. We have gotten an opportunity to rebrand.\u201d<\/p>\n<\/p>\n
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White House deputy press secretary Anna Kelly said in a statement that the US is working with Pakistan on a number of topics of mutual interest, including energy, critical minerals and counterterrorism. Responding to a question about the country\u2019s adoption of cryptocurrency and ties with World Liberty Financial, Kelly said: \u201cThere are no conflicts of interest.\u201d Trump only acts in the \u201cbest interest of the American people\u201d and his assets are in a trust managed by his children, she added.<\/p>\n
For Pakistan, it all amounts to a remarkable turnaround. The nation has spent much of the past decade on the brink of bankruptcy and diplomatic isolation as the US strengthened ties with India to counter China\u2019s rising military and economic strength. Those dynamics abruptly changed last May, when Pakistan\u2019s generals credited Trump with stopping an armed conflict in India \u2014 a claim New Delhi rejected outright, leading to months of terse relations with the US.<\/p>\n
While the White House has since mended ties with India, Trump regularly heaps praise on Munir: At a Board of Peace meeting in February, the president called Pakistan\u2019s military chief a \u201cgreat general,\u201d \u201cgreat guy\u201d and \u201cserious fighter.\u201d Pakistan has reciprocated with calls for Trump to be awarded the Nobel Peace Prize and other forms of flattery, while also using crypto as a way to further cement ties with the White House.<\/p>\n
\u201cFor a country starved of global investor interest, aligning with Washington\u2019s crypto pivot isn\u2019t just about tech,\u201d said Uzair Younus, who is a partner at The Asia Group, a Washington DC-based advisory firm. \u201cIt\u2019s about signalling relevance in a shifting global order.\u201d<\/p>\n
Until two years ago, Pakistan wanted little to do with crypto. The country\u2019s regulators had spent a decade keeping the industry at arm\u2019s length, citing concerns over fraud, Ponzi schemes and money laundering risks. Struggling with high inflation, heavy debt and dwindling foreign reserves, Pakistan was also reliant on a bailout from the International Monetary Fund that it had struggled to pay back.<\/p>\n
But by 2024, sentiment shifted. An economic recovery coincided with a realisation within Pakistan\u2019s military establishment that crypto could be a useful bargaining chip in global diplomacy. The nation rushed to pass a law governing virtual assets, establish a dedicated regulator and invite global exchanges to apply for licenses. It also proposed a national crypto reserve and earmarked 2,000 megawatts \u2014 about 5% of its power grid \u2014 for crypto mining.<\/p>\n
As part of that push, it needed someone to oversee everything \u2014 and that\u2019s where Saqib entered the picture. Starting in March of last year, he was appointed to a series of positions in quick succession: The finance minister\u2019s chief adviser on crypto, chief executive officer of the Pakistan Crypto Council, special assistant to the prime minister on blockchain and crypto. Finally, he ended up as chairman of the Pakistan Virtual Assets Regulatory Authority.<\/p>\n
Exactly how he skyrocketed to become one of Pakistan\u2019s most influential officials in such a short amount of time remains unclear. When asked who approached him to join the government, Saqib wouldn\u2019t give specifics, only mentioning it was the Finance Ministry.<\/p>\n
Responding to a question on his expertise, Saqib said it was \u201cessentially turning an idea into execution.\u201d<\/p>\n
\u201cI am not a trader,\u201d he said. \u201cI\u2019m a builder. I am the artist, not the scientist.\u201d<\/p>\n
However Saqib\u00a0defines it, suddenly he\u2019s seeing lots of success. Originally from Lahore, Pakistan\u2019s second-most populous city, Saqib said his interest in crypto started during Bitcoin\u2019s historic bull run in 2017, when it surged from below $1,000 in January to $14,000 by the end of the year.<\/p>\n
Spending time in both the UK and Pakistan, Saqib said he worked three jobs while getting a bachelor\u2019s degree, including at the university\u2019s grocery store where he manned the register, stocked shelves and cleaned toilets. After later receiving a graduate degree at the London School of Economics for social innovation and entrepreneurship, he was soon giving TED Talks and recognised by Forbes for his work helping poor women access drinking water at a charity called Tayaba, which he founded with his brother in 2019.<\/p>\n
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While in the UK during Covid, Saqib co-founded the One Million Meals campaign to deliver fresh meals to health workers and others in need, a move that won him recognition from former Prime Minister Boris Johnson as well as the royal family, which honoured him as a Member of the Order of the British Empire.<\/p>\n
For all his accolades in social work, Saqib struggled to find his footing in the crypto space. In the four years prior to his appointment in Pakistan, Saqib\u2019s LinkedIn profile shows he was\u00a0at The Coin Master, whose profile page says it has two-to-10 employees and goes by the slogan \u201cHelping Tokens Develop Routes to Web3 Markets.\u201d<\/p>\n
In the interview, Saqib acknowledged he\u2019s had some difficult times, without going into details.<\/p>\n
\u201cIn crypto, failure is the best teacher,\u201d he said. \u201cThere is no formal school for this. And you learn by doing, by making mistakes and getting back up every time.\u201d<\/p>\n
\u201cOne thing I know,\u201d he added. \u201cIf you throw enough mud against the wall, something will stick.\u201d<\/p>\n
It didn\u2019t take long for Saqib to make his mark after he formally started working with Pakistan\u2019s government in March 2025. The next month he persuaded Binance\u2019s Zhao \u2014 who had recently finished a US prison term after being convicted for failing to set up appropriate money laundering safeguards \u2014 to sign on as a strategic advisor to the\u00a0 Pakistan Crypto Council. Trump would pardon Zhao in October.<\/p>\n
\u201cThe chef pulled up to Pakistan. We cooking heavy\u00a0\u2014\u00a0good vibes, no brakes!\u201d Saqib posted about the visit on X, where his profile picture is a photo of himself wearing a T-shirt declaring \u201ccryptocurrency is not a crime.\u201d<\/p>\n
A Binance spokesperson said the company had obtained permission from Pakistan\u2019s regulator to conduct activities in the country, and \u201cremains committed to operating in full compliance with all applicable regulatory requirements and to working closely with local authorities to support the responsible development of the digital asset ecosystem.\u201d<\/p>\n
Getting Zhao on board was just the start. Some three weeks later, Saqib hosted World Liberty Financial\u2019s Zachary Witkoff and other executives in Islamabad, where the company signed a \u201cletter of intent\u201d with Pakistan\u2019s government to deepen cooperation on stablecoin adoption.<\/p>\n
Pakistan publicised the moment with enthusiasm. World Liberty Financial is \u201cbacked by the Trump family, including President Donald Trump and his sons,\u201d and Trump has \u201cpersonally endorsed WLF,\u201d the government said in a statement at the time.<\/p>\n
Zachary Witkoff similarly has lofty ambitions. In a video conversation with Saqib in May posted from Lahore\u2019s scenic Shalimar Gardens, he spoke about wanting to help digitise Pakistan\u2019s economy, tokenise the nation\u2019s \u201ctrillions of dollars\u201d worth of rare-earth minerals and target the world\u2019s third-largest unbanked population with services like digital wallets and stablecoins. Pakistan, he said, has \u201cenormous potential.\u201d<\/p>\n
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Later in May, Saqib pitched Pakistan\u2019s emergence as a crypto player\u00a0at a Bitcoin conference in Las Vegas, which also drew attendees such as US Vice President JD Vance and the US president\u2019s sons, Eric Trump and Donald Trump Jr., both co-founders of World Liberty Financial. Several days later, Saqib was at\u00a0the White House meeting\u00a0with Bo Hines, who was then director of the President\u2019s Council of Advisers on Digital Assets.<\/p>\n
The following month, Saqib found himself added as a last-minute member of a Pakistani delegation heading to the US for trade talks. While on a family vacation in a Himalayan resort town that barely had any mobile reception, an official called him with an urgent message: \u201cYou\u2019re going to Washington. Pack quickly.\u201d<\/p>\n
Despite having no background in tariffs, no idea of the agenda and no suit to wear in the meetings, Saqib jumped at the opportunity. Once he landed in DC, he made a beeline to buy a blazer off the rack. The next morning, seated across from American trade officials, he was holding forth on digital assets and trade corridors. By the time he left Washington, he had helped draft the framework for a trade deal.<\/p>\n
That agreement was one of several tangible benefits Pakistan received from the Trump administration. It cut tariffs on Pakistani goods to 19%, far lower than many Asian peers and well below US rates at the time on Indian products, which climbed as high as 50% before Trump brought them down to 18% in January. The Trump administration officially designated the Balochistan Liberation Army a terrorist organisation, a group that Pakistan has long sought to outlaw internationally.<\/p>\n
Field Marshal Asim Munir, center left, with US Secretary of State Marco Rubio, in the Oval Office of the White House as US President Donald Trump hosted Pakistan\u2019s Prime Minister Shehbaz Sharif in September. Image: Yuri Gripas\/Abaca\/Bloomberg<\/p>\n
For the US, Pakistan offers several prizes. Besides being a strategically located nuclear power, the nation could also help the US diversify critical mineral supply chains. In September, Missouri-based US Strategic Metals signed a memorandum of understanding with a military-owned firm to develop rare-earth resources.<\/p>\n
Trump\u2019s family business also stands to benefit from access to Pakistan\u2019s virtual asset market. The country has 40 million crypto users with an estimated trading volume of more than $300 billion, according to the Finance Ministry, one of the world\u2019s highest adoption rates as residents look for investment alternatives in an economy with chronic inflation.<\/p>\n
Plenty can always go wrong, particularly as oil prices surge. Pakistan still needs to pay back the International Monetary Fund, which has shown an aversion to sovereign crypto experiments. El Salvador learned the hard way: Bitcoin adoption strained relations with the IMF, contributing to stalled funding negotiations.<\/p>\n
Trump has also shown he can quickly turn on any leader, no matter how chummy they seem. He could demand that Pakistan, which last year signed a defence agreement with Saudi Arabia, join the fight against Iran in some fashion \u2014 a scenario that would put Munir in a tight spot.<\/p>\n
For Saqib, however, the focus is on building up tech skills among Pakistan\u2019s younger generations so they can develop the economy and avoid running to the IMF every few years for cash. And he\u2019s optimistic that the nation is heading in the right direction despite all the uncertainty around the globe.<\/p>\n
\u201cIt\u2019s a lot of serendipity, a lot of good timing,\u201d Saqib said. \u201cAll the stars have aligned.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#35yearold #crypto #bro #helped #Pakistan #win #Trump #world<\/p>\n","protected":false},"excerpt":{"rendered":"
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