Norway's $50M Bitcoin Investment
Summary
A Giant Norwegian Company Recently Bought 1,170 Bitcoin
Investments Into the Bitcoin Ecosystem Are Increasingly Growing
Bullish Signal on Bitcoin and the Future of Humanity
Background
Bitcoiner,
On March 8th, 2021, Aker ASA, one of Norway’s largest companies, announced a new subsidiary company that focuses on Bitcoin investments. The new company called Seetee, recently purchased 1,170 Bitcoin (~58M US dollars). Seetee’s new website, describes their purpose:
Seetee is a company in the Aker family. We keep our liquid investable assets in bitcoin and invest in exciting projects and companies throughout the Bitcoin ecosystem.
Aker ASA was founded in 2004 as an energy engineering company from Norway, but its roots can be traced back to the early 1800s. The holding company focuses on fishing, construction, and engineering. The founder, Kjell Inge Rokke, is Norway’s 2nd richest man in the country.
Seetee is seeking to combine Aker ASA’s industrial capabilities with this new game changing technology called Bitcoin. Seetee will be initially focused on green mining operations to help fight climate change.
Quick Story
As I have mentioned in other articles, I studied Energy Engineering at Penn State University. As an undergrad, I learned about climate change and what is causing it. I reasoned that our society would need to eventually begin mass adoption of renewable energy to fight human caused climate change. I figured job growth in the renewable energy sector would be ever increasing over my lifetime.
The announcement of Seetee’s $50M Bitcoin investment that will be used to fight climate change will bring new jobs to the renewable energy sector. I wonder if Seetee would be interested in alternative forms of solar energy.
Below is a picture from an internship I had back in 2017. Those big satellite looking dishes collect solar energy.
Why is this Important?
The announcement of Seetee is important for many reasons, but here are my top 3:
The company is dedicated to investing and owning Bitcoin on its treasury asset balance sheet.
The company is accelerating new technology creation in the Bitcoin ecosystem.
Copycat companies will be created in the near future.
Starting with #1 - Companies typically diversify their treasury asset balance sheet to retain wealth for shareholders. Bitcoin has recently became a viable option for companies to hold it on their treasury asset balance sheet. A month ago, Tesla announced adding Bitcoin to it’s balance sheet. I do not see this trend stopping anytime over the next few years.
Next, #2 - Wealth is created from innovation. Let’s consider Facebook as an example in the late 2000s. Facebook created the blueprint for growing a social media company and monetizing from its users. This form of innovation allowed Facebook to become one of the biggest companies in the entire world. I think the new Facebook’s of the 2020s will be created within the Bitcoin ecosystem.
Lastly, #3 - If Norway is using Bitcoin to invest in the Bitcoin ecosystem, then other countries should probably start doing so as well if they want to compete on a global scale. As a citizen of the United States, I would hate to see all the innovation and subsequent jobs being created in some other country. The idea of nations competing to adopt this new technology will lead to Bitcoin’s value going up over time.
It’s Monday. Time to get to work! Well, right after I buy some more Bitcoin this morning.
Happy Monday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz