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

by Daily Hodl Staff
March 10, 2021
in Bitcoin

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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mia Stendal

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