Press releases from Saudi Aramco or coverage in reputable financial news sources

Saudi Arabia and Saudi Aramco to Build Bitcoin Strategic Reserve, Positioning Cryptocurrency as 'New Oil'

Nov 13, 2024, 04:31 PM

Saudi Arabia has announced plans to establish a Bitcoin Strategic Reserve, signaling a significant shift in its approach to cryptocurrency. This initiative aligns with a broader narrative that positions Bitcoin as a valuable asset akin to oil. Observers have noted a trend of comparing Bitcoin to oil, with statements from various commentators emphasizing that Bitcoin is the 'new oil' and a digital alternative to traditional energy resources. The involvement of Saudi Aramco, the state-owned oil giant, in this emerging Bitcoin market further underscores the potential for cryptocurrency to play a central role in the kingdom's economic strategy.