Pakistan recently moved to regulate digital assets as legal tender, reversing its previous stance.
The crypto shift may be influenced by recent US policies supporting Bitcoin under Donald Trump.
Pakistan has proposed using excess energy for Bitcoin
mining, marking a departure from its previous stance on cryptocurrencies. The
plan was introduced by the newly formed Crypto Council, led by CEO Bilal Bin
Saqib, during its first meeting. Senior government officials support the
initiative, which aims to establish Pakistan as a crypto hub by utilizing
surplus energy, Coinfomania reported.
Meanwhile, Bitcoin’s price has shown bullish momentum. The
BTCUSD H1 chart indicates a move towards a significant resistance level. A
breakout may strengthen the upward trend and attract more intraday buyers.
Pakistan Legalizes Crypto, Aligns with Trends
This move represents a shift in policy. Previously, authorities
maintained that cryptocurrency would not be legalized due to concerns about
compliance with the Financial Action Task Force. However, on November 4, 2024,
Pakistan changed its approach and began regulating digital assets as legal
tender, aligning with global trends.
Some analysts believe this shift may have been influenced by
recent policy changes in the United States. After his re-election, Donald Trump
introduced measures supporting Bitcoin, including restrictions on a US Central
Bank Digital Currency and the creation of a Bitcoin strategic reserve.
These
actions have drawn international attention, with Pakistan’s new stance
potentially reflecting broader global momentum in the cryptocurrency sector.
BTCUSD H1 Chart, Source: TradingView
BTCUSD May Surge After Key Breakout
The BTCUSD H1 chart indicates that the price has been
trending upward for some time. The 87470 level has proven significant, as the
price previously faced rejection at this point. Currently, the cryptocurrency
is trading around this level. Unless a bullish breakout occurs, it may prevent
buyers from pushing further. A breakout at this level could fuel additional
momentum, driving the price higher.
In the base case, Bitcoin is expected to range between
$100,000 and $150,000. A more optimistic scenario sees it reaching $350,000,
while a less likely black swan event could push it to $500,000. These
projections are based on anticipated growth in institutional adoption and
broader blockchain integration, though they involve significant uncertainty and
volatility.
Pakistan has proposed using excess energy for Bitcoin
mining, marking a departure from its previous stance on cryptocurrencies. The
plan was introduced by the newly formed Crypto Council, led by CEO Bilal Bin
Saqib, during its first meeting. Senior government officials support the
initiative, which aims to establish Pakistan as a crypto hub by utilizing
surplus energy, Coinfomania reported.
Meanwhile, Bitcoin’s price has shown bullish momentum. The
BTCUSD H1 chart indicates a move towards a significant resistance level. A
breakout may strengthen the upward trend and attract more intraday buyers.
Pakistan Legalizes Crypto, Aligns with Trends
This move represents a shift in policy. Previously, authorities
maintained that cryptocurrency would not be legalized due to concerns about
compliance with the Financial Action Task Force. However, on November 4, 2024,
Pakistan changed its approach and began regulating digital assets as legal
tender, aligning with global trends.
Some analysts believe this shift may have been influenced by
recent policy changes in the United States. After his re-election, Donald Trump
introduced measures supporting Bitcoin, including restrictions on a US Central
Bank Digital Currency and the creation of a Bitcoin strategic reserve.
These
actions have drawn international attention, with Pakistan’s new stance
potentially reflecting broader global momentum in the cryptocurrency sector.
BTCUSD H1 Chart, Source: TradingView
BTCUSD May Surge After Key Breakout
The BTCUSD H1 chart indicates that the price has been
trending upward for some time. The 87470 level has proven significant, as the
price previously faced rejection at this point. Currently, the cryptocurrency
is trading around this level. Unless a bullish breakout occurs, it may prevent
buyers from pushing further. A breakout at this level could fuel additional
momentum, driving the price higher.
In the base case, Bitcoin is expected to range between
$100,000 and $150,000. A more optimistic scenario sees it reaching $350,000,
while a less likely black swan event could push it to $500,000. These
projections are based on anticipated growth in institutional adoption and
broader blockchain integration, though they involve significant uncertainty and
volatility.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
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