The Saudi Central Bank's exposure to MicroStrategy Inc., a company heavily invested in Bitcoin, has led to a significant uptrend in the price of BTC.
SAMA's move is seen as a major step towards mainstream adoption of cryptocurrencies, signaling institutional interest in the top crypto assets.
Investors are hopeful that SAMA's endorsement of Bitcoin will encourage other companies to invest in BTC, potentially benefiting the entire crypto industry.
The institutional confidence in Bitcoin resulting from SAMA's investment in MicroStrategy could also impact meme coins like Bitcoin Pepe, attracting more interest in related assets.