Bitcoin (BTC) Move Comes from the Central Bank of Saudi Arabia!

As Bitcoin (BTC) adoption continues to increase around the world, news of central banks purchasing BTC continues to come in.

The latest news on this point came from the Central Bank of Saudi Arabia.

Accordingly, the Saudi Central Bank announced that it owns shares in the Bitcoin investment company Strategy.

The Saudi Central Bank gained indirect access to Bitcoin through MicroStrategy (now Strategy), the world's largest institutional BTC company.

The Saudi Central Banks investment in the Strategy reflects a broader trend among central banks to diversify conventional reserves, experts say.

Globally, the majority of countries have traditionally invested heavily in Gold or the US dollar as a hedge for long-term value. With the proliferation of Bitcoin and cryptocurrencies, central banks have turned to cryptocurrencies as an alternative to gold and the dollar.

According to the data, around a dozen countries, including the United States, the United Kingdom, El Salvador, and Bhutan, now hold Bitcoin in their treasuries and central bank reserves.

However, Norway's sovereign wealth fund also indirectly followed a similar strategy by increasing its investments in companies such as MicroStrategy, Coinbase and Metaplanet, which have a significant share in the cryptocurrency market.

At this point, the Saudi Central Bank, previously known as the Saudi Arabian Monetary Authority (SAMA), is now among the few central banks that have invested in Bitcoin, albeit indirectly.

*This is not investment advice.