The Status of Bitcoin in Pakistan

Hello Dear Steemit friends,

A few days ago, a bachelor student from Pakistan moved to my dormitory and I had the opportunity to get a glimpse into bitcoin's role in Pakistan. Here the essence of this conversation:

• His father bought approximately 500 BTC in 2012 (which were under 10$ at the time) because a tech-savvy friend of the family recommended him to do so. He is holding most of them till this day.

• His father also owns a leather business, which exports to international clients. To circumvent high international transaction fees and taxes (about 6%), his father preferably does international business in BTC.

• Generally, all people in Pakistan know about bitcoin and he estimated that 10-15% of the population there own "some" amount of bitcoin - even if only very little. Mainly because of inflation and for the purpose of tax circumvention.

• Also, his father knows some politicians: These guys do all of their non-legit business in BTC because of the sums involved and to not get caught.

Before this intel, I thought that merely countries with very serious monetary issues like Venezuela, Cyprus or India were starting to adopt bitcoin on a larger scale - but apparently I was wrong. Who knows what might be happening in other 3rd world countries that we know nothing about.

The takeaway message is: HODL your crypto. Cheers ;)