Pakistan has increasingly turned to the global cryptocurrency ecosystem to expand its diplomatic and commercial influence in the United States, with a previously little-known tech entrepreneur, Bilal bin Saqib, playing a central role, according to a Bloomberg report.
The report highlights Saqib’s connections with World Liberty Financial (WLF), a decentralised finance protocol developed by Zachary Folkman, Chase Herro, Alex Witkoff, Zach Witkoff, and members of the Trump family. Earlier this year, Pakistan signed a deal with SC Financial Technologies LLC, an affiliate of WLF, to collaborate on next-generation digital payment systems and cross-border financial innovations.
“Because of crypto, doors have opened,” Saqib told Bloomberg. “New conversations have opened, trust has been built. We have gotten an opportunity to rebrand.”
Bloomberg noted that Saqib, who rose rapidly within Pakistan’s policy circles, has been instrumental in linking the country with global digital asset players, including Binance founder Changpeng Zhao, as Islamabad seeks to position itself as an emerging hub for virtual assets.
“Pakistan’s adept use of crypto diplomacy — or ‘biplomacy’ as Saqib calls it, a reference to Bitcoin — has buttressed a burgeoning friendship between Trump and Munir (Pakistan’s army chief),” the report said, citing how red carpet treatment for the American president’s family earlier this year underscored the growing depth of a geopolitical relationship in which Pakistan is emerging as a key intermediary between the US and Iran.
Michael Kugelman, resident senior fellow for South Asia at the Atlantic Council, told Bloomberg: “Given how important personal connections are in the Trump White House’s 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. With this unconventional US administration, unconventional factors can help your cause — and that’s certainly the case with crypto.”
The report also highlighted Pakistan’s evolving stance on crypto. “Until two years ago, Pakistan wanted little to do with crypto… But by 2024, sentiment shifted,” Bloomberg wrote, noting that “Pakistan’s military establishment” saw the potential for digital assets as a bargaining chip in global diplomacy.
Saqib reflected on his journey: “I am not a trader. I’m a builder. I am the artist, not the scientist. In crypto, failure is the best teacher. There is no formal school for this. And you learn by doing, by making mistakes and getting back up every time. One thing I know, if you throw enough mud against the wall, something will stick. It’s essentially turning an idea into execution.”
In addition to his advisory role, Saqib contributed to drafting the framework for a Pakistan-US trade deal, which Bloomberg reported helped Islamabad secure trade concessions, attract renewed investor interest, and expand discussions on energy, critical minerals, and technology cooperation.
While challenges remain, including Pakistan’s need to repay the International Monetary Fund, the report indicated Islamabad is committed to deepening its crypto-led engagement strategy. Saqib remained optimistic: “It’s a lot of serendipity, a lot of good timing. All the stars have aligned.”
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