Norwegian Billionaire Speaks in support of Bitcoin and explains why not investing in BTC would be risky
A Norwegian billionaire, Kjell Inge Røkke is in the support of bitcoin as he invests his money into Bitcoin and he also highlights that it is risky to not put money into the top cryptocurrency. In his letter to shareholders, he reveals that his company Aker established Seetee. It is a firm responsible for investing in Bitcoin and Bitcoin ecosystem.
He also makes an announcement that Seetee is launching with a capitalization of $58.8 million and is also planning to increase it over time. Rokke also announces that his firm has a threefold strategy for crypto investments. As per the billionaire, his first step is to become hodlers of cryptocurrencies.
“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.”
Rokke further explains that the firm’s next step to build mining operations incorporated 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.”
The third component of the firm’s Bitcoin investment plan is to create and invest in different Bitcoin projects.
“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.”
Revealing his strategy, Rokke explains why he believes not investing in Bitcoin is a risky option.
“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.”