In that case maybe their strategy might be to convert as much USD within the country into bitcoin as possible, wait for the inevitable next huge surge, sell at the peak and increase their central bank holdings of USD by a massive amount.
Admittedly, they are the first, but there's little to be surprised about.
Bitcoin is the best performing asset with a 200% average YoY return for 12 years straight. Whilst still volatile, there's enough trust in long term value for institutional adaption, which is the phase we're in the middle of.
1 in 6 Americans own Bitcoin. Companies are holding it. Clearly, it no longer is an internet joke. It's accepted as an asset.
