Influential Figures in Pakistan’s Crypto Scene
In January, powerful leaders in Islamabad convened to greet special guests, including Zachary Witkoff, CEO of World Liberty Financial, a cryptocurrency platform co-founded by Donald Trump. The gathering seemed more like a state visit than merely a signing ceremony for an exploratory stablecoin agreement that didn’t involve major financial commitments.
A notable picture from the event captured Steve Witkoff’s 32-year-old son alongside Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. Meanwhile, Bilal bin Saqib, a 35-year-old self-styled “crypto buddy” and an influential figure in Pakistan’s crypto landscape, shared his story of juggling multiple jobs to complete his university education.
Saqib hailed the presence of Witkoff and other executives from World Liberty Financial, expressing that their visit could significantly enhance Pakistan’s global standing. From a relatively low profile, he quickly climbed the ranks to become a key player in Pakistan’s cryptocurrency sector. He has established connections with major figures in the industry, such as Chao Changpeng, known as CZ, the billionaire founder of Binance Holdings, alongside notable personalities like Cathie Wood and Bitcoin billionaire Michael Saylor.
Recently, Saqib shared a photo with Zachary Witkoff at Trump’s Mar-a-Lago club in Florida, coinciding with Pakistan’s agreement with the U.S. for renovations at the Roosevelt Hotel in Manhattan.
In a recent interview, he remarked, “Cryptocurrency has opened the door. New conversations were created and trust was built. We had an opportunity to rebrand.” However, the specifics of his rapid rise to such influence remain a bit of a mystery. Originally from Lahore, Saqib’s interest in cryptocurrencies ignited back in 2017 during Bitcoin’s dramatic market surge, when it jumped from under $1,000 to $14,000 within a year.
After joining the Pakistani government in March 2025, Saqib quickly gained recognition. By April, he successfully persuaded Chao of Binance to serve as a strategic advisor for the Pakistan Cryptocurrency Council. Trump’s involvement came to light when he pardoned Zhao in October. Shortly thereafter, Saqib invited Witkoff and other executives to Islamabad, leading to a letter of intent for collaboration on stablecoin adoption.
Trump’s family company stands to gain from access to Pakistan’s expanding virtual asset market. With an estimated 40 million crypto users and trading volumes surpassing $300 billion, Pakistan boasts one of the highest penetration rates globally, as many residents seek alternatives amidst persistent inflation challenges.
While Trump’s amicable relationships can turn contentious swiftly, recent developments suggest that Pakistan, having signed a defense agreement with Saudi Arabia, might face pressures related to Iran, which could complicate situations for officials like Munir. Yet, Saqib remains determined to enhance the technological skills of Pakistan’s youth, aiming to strengthen the economy and minimize reliance on the IMF for financial aid.
