Pasban Democratic Party’s General Secretary Iqbal Hashmi has strongly warned the government to refrain from investing in Bitcoin. He emphasized that focus should be maintained on the production of essential goods within the country. According to Hashmi, investing in cryptocurrency at this stage would be a waste of resources, and he suggested postponing any such planning for at least five years. He pointed out that many experts consider Bitcoin equivalent to gambling and question its viability.
Hashmi criticized the concept of Bitcoin mining, which he described as an expensive hobby with minimal profits. He questioned the lack of more profitable investments and appealed to the government to consider how many citizens could truly benefit from the government’s inclination towards digital currency. Instead, he advocated for redirecting electricity and resources towards industrial development, which he deemed crucial for the nation’s progress.
Highlighting the need for tangible assets like machinery, Hashmi argued that digital investment is premature for Pakistan. He urged authorities to take lessons from rapidly developing countries like China, which has decided not to engage with Bitcoin. By setting the right priorities, Pakistan can ensure stable economic growth. Hashmi stressed the importance of establishing industries to create employment opportunities, which should be the primary goal of government efforts.
The volatile nature of Bitcoin was also a concern, as Hashmi mentioned the significant financial losses suffered by individuals in developed countries due to repeated cryptocurrency crises. This serves as a warning for Pakistan, highlighting the need for cautious decision-making in economic policies.