All major cryptocurrencies are trending on top on Pakistani Twitter today.
Bitcoin just jumped 5.6% to reach $49,337.72 on Sunday, up 77.9% from the year’s low of $27,734 on January 4, and all hell broke loose in Pakistan. The craze for major digital coins including Bitcoin seems to have reached an all-time high, with the #Bitcoin trend reaching the top with 248,000 tweets followed by #dogecoin, a coin propelled to fame by the famed Elon Musk.
Some major events that could have marked the sudden exponential rise of the cryptocurrencies’ popularity include Elon Musk’s announcement to cease Bitcoin payments for Tesla, Waqar Zaka’s appointment a “Crypto expert” by the KPK government. Pakistanis could be flocking to Binance, their preferred Crypto trading platform and conducting transactions worth millions of dollars right now.
In the wake of the crypto’s increased adoption globally, Pakistan has also decided to introduce its own digital currency. The KPK government leads the way by becoming the first province to legalize crypto, establish Bitcoin mining farms, and launch Pakistan’s first-ever crypto advisory committee.
However, the credit for popularizing Cryptocurrencies in Pakistan and directing the authorities attention to it goes to Waqar Zaka, the former Living on the Edge show host who now operates a paid group to guide Pakistanis about crypto investments. However, Waqar, who is also the founder of the Tehreek-e-Tech, a movement aimed at legalizing cryptocurrencies in Pakistan, has repeatedly claimed to pay off Pakistan’s debt. Despite such claims being repeatedly debunked, Waqar Zaka sent shockwaves by daring PM Imran to resign if his efforts to rid Pakistan’s debt through Crypto prove successful.