A Norwegian stock exchange company is the first company in the country to join the Bitcoin standard. This is bullish for BTC in many ways.
Welcome to bitcoin land! As the first listed company in Norway, the energy group Aker ASA finds its way into the Bitcoin standard. According to a press release published by the group on Monday, March 8th, Aker is founding a subsidiary that focuses entirely on Bitcoin. The company, called Seetee AS, will invest in Bitcoin-related projects and build a foothold in mining.
Seetee has announced a collaboration with Blockstream. The Canadian company, led by ex-Cypherpunk Adam Back, is one of the most prominent BTC companies. Blockstream is the originator of the Liquid Sidechain, an off-chain scaling solution for BTC. The press release states:
The collaboration will initially focus on mining and will be further developed by leveraging the outstanding strengths of Blockstream.
Aker himself provides the start-up capital for the new pillar of the Norwegian billion-dollar company. According to this, the budget amounts to 500 million Norwegian kroner, the equivalent of around 50 million euros. However, you can guess three times, to exchange liquid capital for bitcoin, underscoring his commitment to digital gold. The company currently holds 1,170 BTC.
The news is bullish for Bitcoin in many ways. After all, Aker, one of Norway’s richest people, is in charge of Kjell Inge Roekke. In the latest shareholder letter, the billionaire reveals that he is a Bitcoiner through and through:
Bitcoin can still go to zero. But it can also become the core of a new monetary architecture. If so, one BTC could be worth millions of dollars
Kjell Inge Roekke
Aker’s core business is also the energy industry. The group is one of the largest producers of renewable energies in Norway. So it stands to reason that the offshoot defines mining as its core business. After all, Bitcoiners have been arguing for some time that mining stimulates the expansion of renewable energies , as the demand for them is very uneven. Bitcoin mines could then be placed in geographical proximity to energy producers and buy cheap excess electricity. This is exactly the business model that Seetee has in mind. The shareholder letter states:
Second, sea tea will set up mining operations that will turn stranded or fluctuating electricity with no stable local demand — wind, solar, and hydropower — into economic assets that can be used anywhere. In our eyes, Bitcoin is a load-balancing economic battery
P.S. You Can Support me For Free Through ALL of these Links and earn some Crypto/Money Yourself! https://allmylinks.com/zealdorn
Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.