Norwegian Billionaire Publishes Remarkably Bullish Letter on Bitcoin, Says Not Investing Is the Riskiest Decision

A Norwegian billionaire is announcing his company’s investment in Bitcoin while highlighting that it’s risky not to put money into the leading cryptocurrency.

In a letter to shareholders, Kjell Inge Røkke reveals that his Norwegian holding company Aker has established Seetee, a firm dedicated to investing in Bitcoin and the Bitcoin ecosystem.

The Norwegian tycoon says Seetee is launching with a capitalization of $58.8 million which it plans to increase over time.

Røkke says the company has a threefold strategy for its crypto investments. According to the billionaire, the first step is to become hodlers.

“First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers. We will be dif­fer­ent, but ad­di­tive. Per­haps not as re­bel­lious as the cypher­punks who in­vent­ed Bit­coin. But much more pro­gres­sive than most es­tab­lished cor­po­rates. The team at See­tee is al­ready run­ning open-source bit­coin pay­ment servers and will re­main ac­tive con­trib­u­tors in the com­mu­ni­ty.”

The Norwegian says the next step will be to build mining operations integrated with sustainable energy sources.

“Sec­ond, See­tee will es­tab­lish min­ing op­er­a­tions that trans­fer strand­ed or in­ter­mit­tent elec­tric­i­ty with­out sta­ble de­mand lo­cal­ly – wind, so­lar, hy­dro pow­er – to econom­ic as­sets that can be used any­where. Bit­coin is, in our eyes, a load-bal­anc­ing eco­nom­ic bat­tery, and bat­ter­ies are es­sen­tial to the en­er­gy tran­si­tion re­quired to reach the tar­gets of the Paris Agreement. Our am­bi­tion is to be a valu­able part­ner in new re­new­able projects.”

Røkke’s says Seetee’s third component to their Bitcoin investment plan is to create and invest in various projects within the Bitcoin ecosystem.

“Third, we will build and in­vest in projects and com­pa­nies in Bit­coin’s ecosys­tem. This is where our true pas­sion is! Our home game is in­dus­trial ap­plications. But we also be­lieve nice­ly de­signed mod­ern user in­terfaces will en­able new ap­plications wher­ev­er trans­ac­tions hap­pen. I am par­tic­u­lar­ly in­ter­est­ed in mi­cro­pay­ments and how these may en­able us to avoid user­names, pass­words, and our per­son­al data be­ing mon­e­tised with, and of­ten with­out, our knowl­edge or con­sent.”

As he reveals Seetee’s strategy, Røkke also explains why he believes not investing in Bitcoin is a risky proposition.

“Risk is not an ob­vi­ous con­cept. What’s com­mon­ly con­sid­ered risky is frequent­ly not. And vice ver­sa. We are used to think­ing that cash is risk free. But it’s not. It’s im­plic­it­ly taxed by in­fla­tion at a small rate every year. It adds up…

Bit­coin may still go to zero. But it can also be­come the core of a new mon­e­tary ar­chi­tec­ture. If so, one Bit­coin may be worth mil­lions of dollars. The asym­me­try is in­ter­est­ing to a port­fo­lio. Peo­ple who know the most about Bit­coin be­lieve its fu­ture suc­cess is near­ly in­evitable.”

 

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