The Pakistani government is preparing for the launch of a strategic reserve of Bitcoin (BTC) to guarantee economic prosperity in the long term. The announcement was made at the Bitcoin 2025 conference on Wednesday in the Venetian Convention Center in Las Vegas by Bilal Bin Saqib, the special assistant of the Pakistani Prime Minister about blockchain and cryptocurrency.
SAQIB announced that Pakistan will set up a strategic Bitcoin reserve and will never sell his BTC Trove in the future. In addition, Pakistan wants to follow in the footsteps of the United States, who are planning to implement a strategic Bitcoin reserve to tackle the high debt burden.
“We are inspired by the US government. We will hold these bitcoins and we will never sell them,” Saqib stated.
What for Bitcoin price promotion?
Bitcoin price has experienced a significant level of resistance above $ 110k in recent days, which resulted in the current market correction. The flagship Munt has fallen more than 2 percent for the past 24 hours to trade around $ 107k on Wednesday 29 May during the Late North -American trade session.
Since last Friday, Bitcoin Price has experienced ruthless Bearish, despite the remarkable accumulation by institutional investors. Moreover, more institutional investors, led by Gamestop, have joined the strategy when acquiring more BTCs as a cover against inflation.
https://x.com/techCharts/status/1927791497090363555?s=46
According to Market Analyst, Aksel Kibar, Bitcoin Price has to release the resistance underneath around $ 109k, in the weekly period of time, to make a potential return to $ 76k too invalid. Moreover, the BTC price could form a potential double top in combination with bearish divergence of the weekly relative strength index (RSI).
Credit : coinpedia.org
