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Fear, fiat and the future
Pakistan has quietly crossed an important threshold. After laying the legal foundations for a regulated digital-assets ecosystem through the Digital Nation Pakistan Act and the Virtual Asset Regulatory Ordinance earlier this year, the Pakistan Virtual Asset Regulatory Authority (PVARA) began accepting licence applications for crypto exchanges on December 2.
That shift was underscored at the highest levels of the state on December 6, when Binance Global CEO Richard Teng met in Islamabad with senior policymakers, alongside Prime Minister Muhammad Shehbaz Sharif and COAS-CDF Field Marshal Syed Asim Munir.
The engagement reflected not market curiosity, but institutional intent: an acknowledgement that questions of money, payments and digital value now sit alongside national economic and security priorities.
In practical terms, this means that, in due course, buying bitcoin through regulated local payment rails will become easier, cleaner and compliant.
This is a notable development, arriving at a familiar moment of fear. Bitcoin prices are down again. Critics are loud. Headlines speak of exhaustion, excess, and the end of the cycle. Cash-outs accelerate. Confidence wobbles. Fear, once again, dominates the conversation.
But history offers perspective. Similar periods of pessimism marked the closing phases of the previous four-year bitcoin cycles: from 2014 to 2017, and again from 2018 to 2021. Viewed through that lens, the currency cycle that began in 2022 is not collapsing; it is maturing.
Focusing solely on price action obscures the deeper issue. The real risk is not bitcoin’s volatility. It is the financial system that bitcoin was created to question. Nowhere is that system’s failure more visible than in Pakistan. At its core, that failure manifests through inflation: a process widely misunderstood and routinely misdescribed. Inflation is often explained as prices going up.
That description is convenient and incomplete. Prices are not the cause of inflation; they are its effect. Inflation begins with the continuous expansion of the money supply. When currency is created year after year, the purchasing power of every unit declines. Savers lose quietly. Salaries lag. Living standards erode.
In Pakistan, the consequences are everywhere. Food, fuel, rent and education cost more each year: not because they have become intrinsically more valuable, but because the currency measuring them buys less. The result is a population trapped in short-term thinking: working harder, saving less and feeling perpetually behind.
Crucially, this erosion occurs without transparency or consent. A small group controls the monetary system. Everyone else must ask permission to use their own money through banks and intermediaries. Profits are privatised. Losses are socialised. Asset bubbles form, crises follow and wealth concentrates further at the top.
No matter how hard most people work, the value of their earnings continues to erode unless they gain access to assets ahead of inflation or become part of the system itself. Pakistan’s recurring economic crises are not isolated national failures; they are local expressions of a global monetary order that rewards access over effort. This is the quiet failure of money.
Which brings us to the alternative. Bitcoin enters this landscape not as an investment pitch, but as a monetary alternative. It is decentralised and returns agency to individuals. It functions as an equaliser in societies increasingly fractured by economic stress and resentment. Its properties are straightforward.
Bitcoin has a fixed supply of 21 million coins, permanently capped. No central authority can expand it. No political emergency can dilute it. Its rules are enforced by code rather than discretion, and its security rests on energy and mathematics, not faith in institutions.
While bitcoin is often dismissed as volatile, that volatility has unfolded within a clear long-term upward trajectory, while its underlying fundamentals have remained unchanged. Over longer horizons, it has been the best-performing asset of the past decade. More revealing, however, is what happens when goods are priced in bitcoin rather than local currency.
Housing, technology and productive assets often become cheaper over time: not because value disappears, but because the money measuring them improves.
In 2012, a modest home in Islamabad priced at a few million rupees would have required thousands of bitcoins. Today, that same property may cost tens of millions of rupees, yet only a single-digit amount of bitcoin. The house did not change. The currency did.
For Pakistan, a country where money not only underperforms but also routinely collapses as a store of value, and where debasement is felt long before it is formally acknowledged, this distinction matters. Regulation does not validate bitcoin’s price, nor does it eliminate risk.
What it does is legitimise access. As compliant frameworks take shape and local rails develop, bitcoin is increasingly encountered not as a speculative instrument but as a savings technology, competing directly with a currency that has struggled to preserve purchasing power.
This matters most for a younger generation priced out of real estate, excluded from traditional asset classes and increasingly sceptical of institutions that promise stability but deliver erosion. Bitcoin does not require property deeds, brokerage accounts or political proximity. It requires only time, discipline and a long-term horizon.
Bitcoin offers no guarantees. It carries real risk. But it restores something modern money has quietly taken away: the choice to opt out of a system designed to dilute by default. In a world where money has quietly failed its most basic functions, that choice may be the most powerful feature of all.
Disclaimer: The viewpoints expressed in this piece are the writer’s own and don’t necessarily reflect Geo.tv’s editorial policy.
The writer is an Islamabad-based lawyer and Strategic Legal Counsel at HP | FKM. She can be reached at: [email protected]
Originally published in The News
Antonio Banderas has spoken candidly about the ethnic stereotyping he faced when he first arrived in Hollywood, recalling being told bluntly that his Hispanic background limited him to villainous roles, and explaining why breaking out of that box still means so much to him.
“They said, you are here, like the blacks and the Hispanics, to play the bad guys,” the Oscar-nominated actor told The Times.
The irony of what came next is something he clearly savours.
“The problem was a few years later I had a mask, hat, sword and cape and the bad guy was Captain Love, who was blond and had blue eyes.”
That role was, of course, Zorro, the gutsy hero Banderas played in The Mask of Zorro in 1998 and The Legend of Zorro in 2005.
But it was a cat, not a swordsman, that he considers the most culturally significant step forward.
Puss in Boots, the character he first voiced in Shrek 2 in 2004, reached an audience that nothing else could quite match.
“Even more important is Puss in Boots, because it’s for young kids. They see a cat that has a Spanish, even an Andalusian accent and he’s a good guy.”
He has now voiced the character across five films, including the critically lauded Puss in Boots: The Last Wish in 2022, which earned an Oscar nomination.
However, the 65-year-old confirmed last year that he has not yet been approached for Shrek 5, due in cinemas on 30 June 2027.
“I’m not so far, and I’m not being called for that,” he told Parade.
“Puss in Boots did very well. Number two got a nomination for the Oscar, and the movie behaved beautifully at the box office. But I am totally satisfied with the five Puss in Boots that I did. I don’t know what is going to happen in the future. Maybe they [will] call me tomorrow.”
- Govt to pay OMCs Rs95.59 on petrol, Rs203.88 on diesel under PDC.
- PM blocks petrol, diesel hikes, bears Rs56bn to protect consumers
- Highlights diplomacy, says Pakistan leading talks with Iran, Gulf.
KARACHI: The federal government has increased the price of kerosene oil by Rs4.66 per litre, bringing it to Rs433.40 per litre, effective from March 28, according to a notification issued by the Petroleum Division.
Petrol and diesel prices, however, remain unchanged at Rs321.17 and Rs335.86 per litre, respectively, despite significant increases in the global oil market.
The Petroleum Division said petrol and diesel prices were held steady to shield consumers from international price shocks.
The government will pay oil marketing companies Rs95.59 per litre on petrol and Rs203.88 per litre on diesel under the Petroleum Development Cess (PDC), as per the notification.
This latest adjustment follows a March 21 revision, when kerosene prices had surged to Rs 428.74 per litre, marking a sharp increase earlier in the month.
The repeated revisions reflect ongoing pressure on domestic fuel pricing amid volatile global markets and geopolitical tensions in the Middle East.
Consumers and businesses continue to feel the ripple effects of rising fuel costs, making this latest hike in kerosene closely watched across the country.
Meanwhile, a few hours before the March 28 announcement, Prime Minister Shehbaz Sharif addressed the nation on the fuel crisis.
PM Shehbaz revealed that he had rejected a summary to raise petrol by Rs95 per litre and diesel by Rs203 per litre, keeping the prices of both fuels unchanged for now, despite global surges.
“The government will bear the additional cost, estimated at Rs56 billion, to protect consumers,” the premier said during the televised address.
He also highlighted Pakistan’s diplomatic role in the Middle East, including ongoing talks with Iran and Gulf countries, with Deputy Prime Minister and Foreign Minister Ishaq Dar leading the negotiations.
Shehbaz vociferously credited CDF Field Marshal Asim Munir and stressed Pakistan’s active diplomacy day and night to promote peace.
Britney Spears has broken her social media silence following her DUI arrest last month, sharing a playful video with her younger son Jayden Federline, her first post since the 4 March incident.
The 44-year-old uploaded the clip to Instagram on 27 March, showing the pair larking around together in front of a mirror, taking turns holding a red phone to snap pictures.
Britney was clearly in good spirits, tossing her hair and smiling throughout. At one point she danced playfully around Jayden before quickly catching herself.
“Naughty little sister and a mama too!” she said while leaping around him. “Composure, I’m being very composed.”
Jayden, 19, had his own moment in the video when he put on a Fedora hat and channelled his inner Michael Jackson, saying: “I wish I could be like Michael.”
Britney also changed outfits during the clip, swapping her initial all-white look, low-rise white shorts and a cropped long-sleeved top, for skinny jeans, a blazer and heels.
She captioned the video warmly: “Thank you guys for all your support… spending time with family and friends is such a blessing!!! Stay kind!!!”
The reunion comes after her rep confirmed in early March that Britney would be spending time with her sons as she worked through the aftermath of her arrest.
“Britney is going to take the right steps and comply with the law and hopefully this can be the first step in long overdue change that needs to occur in Britney’s life,” the statement said.
Her rep added that her loved ones were putting together a plan to support her wellbeing going forward.
The mother-son time carries extra meaning given how difficult their relationship has been at times.
Britney went close to three years without seeing Jayden, making the recent reconnection all the more significant to her. When he came back into her life in 2024, she was openly overwhelmed.
“I’m in shock!!! He came back and he feels older and smarter than me!!!” she wrote at the time. “He’s a man and I cry everyday of my life because of the miracle and genius he is!!!”
Jayden, who had been living in Hawaii with his father Kevin Federline, has since moved back to Los Angeles to pursue music.
He last appeared on Britney’s Instagram in early January, and the pair have spent the last two Christmases together. Britney also shares son Sean, 20, with Federline.
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