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Buying a thousand bitcoins and entering the mining field! Norwegian oil giant declares: In crypto terms, we will become Hodlers

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Buying a thousand bitcoins and entering the mining field! Norwegian oil giant declares: In crypto terms, we will become Hodlers

Norwegian billionaire Kjell Inge Rokke announced yesterday that his company, Aker ASA, holds 1,170 bitcoins as part of its reserve assets. They have also established a cryptocurrency investment department called "Seetee AS," which will focus on investments related to bitcoin and blockchain in the future.

Who is Kjell Inge Rokke?

Unlike companies such as Tesla and Meitu, which simply issued brief statements after investing in Bitcoin, with Tesla even not doing so, Aker ASA released a press release and announced this significant change in a shareholder letter, with its founder Rokke's optimism and belief in Bitcoin possibly on par with MicroStrategy CEO Michael Saylor.

Rokke is one of Norway's most important investors, who moved to the United States at the age of 21 and started as a fisherman, eventually founding American Seafoods, a major player in the seafood industry. Currently, he is the largest shareholder of the Norwegian industrial investment company Aker ASA, which operates in sectors such as oil, gas, and fisheries. The newly established crypto division, Seetee AS, has an initial capital of $58 million.

In Crypto Terms, We Will Be Hodlers

In the letter, Rokke mentioned several directions for future involvement in the cryptocurrency business, summarized as follows:

  1. Using Bitcoin as a reserve asset and joining the community
  2. Seetee will use green energy mining, including wind, hydro, and solar power
  3. Building the Bitcoin ecosystem's peripheral infrastructure

Rokke, a giant in the oil, gas, and renewable energy sectors, shares some arguments that Bitcoin will promote green energy development. He believes that Seetee will use stranded or intermittent energy sources, such as wind, solar, and natural gas, to mine Bitcoin, turning these energy sources into globally portable economic assets. To Rokke, Bitcoin is like a battery carrying economic benefits, a crucial component in achieving the goals of the Paris Agreement.

Despite acknowledging the risks, he believes in Bitcoin's inevitable success. He stated:

Bitcoin may go to zero. But it can also become the core of a new monetary system, and if it happens, one Bitcoin may be worth millions of dollars. Those who understand Bitcoin the most also believe that Bitcoin's future success is almost inevitable.

Not Investing Is the Biggest Risk

In the letter, Rokke pointed out that the concept of risk is not widely understood; seemingly risk-free situations often have risks. Similarly, people usually view cash as risk-free, but in reality, inflation is high. He noted:

Given its asymmetric risk-return characteristics, not owning any Bitcoin seems somewhat irresponsible. Even if you are not interested in cryptography and libertarian ideals, you still need to consider Bitcoin's potential diversification advantages. In the words of Chamath Palihapitiya, Bitcoin is a form of schmuck insurance.

From Doubt to Belief

Rokke also mentioned that he was previously a skeptic like most, associating Bitcoin with energy consumption, low scalability, and anonymity used for illicit activities, but now he considers these arguments naive and ignorant. Blockstream CEO Adam Back, who promotes renewable energy mining, also retweeted their collaboration on Twitter.

According to BitcoinTreasuries data, Aker ASA purchased 1,170 bitcoins at an average cost of around $50,085, ranking ninth in terms of holdings among listed companies.