- This unexpected and unpredicted move occurred because of the Oil Fund’s choice of investment in a tech company
- This indirectly makes every Norwegian citizen an indirect owner of bitcoins
The Norwegian Government Pension Fund in terms of stocks and shares owned is the largest sovereign wealth fund in the world. The pension fund owns 1.4 per cent of the world’s stocks and shares valuing to $1 trillion in assets along with the cryptocurrencies.
The Norwegian government is a 2% shareholder in the US business intelligence and the mobile software company MicroStrategy. And MicroStrategy has recently bought a giant sum of bitcoins. This indirectly makes every Norwegian citizen an indirect owner of bitcoins. Norwegian Government Pension Fund or the Oil Fund at present holds 811.73 bitcoins worth $9.1 million. This has been possible due to the 2.02% share of Oil Funds in MicroStrategy.
How Did it Happen?
This unexpected and unpredicted move occurred because of the Oil Fund’s choice of investment in a tech company. Norwegian software developer Torkel Rogsta of Arcane Research has developed a live tracker for the number of bitcoins, and market share Oil Funds owns in MicroStrategy. This is a completely new precedent that the government of a country owns bitcoins. Rogsta believes that this can even lead to crypto adoption in the country.
He further commented that the government was seeking to maximize their profits and in the process ended up owning bitcoins. He added that the growth of bitcoins and the exposure it brings could push more companies to buy bitcoins. Rogsta is also a believer that in future, many governments would be seen buying bitcoins directly, a similar situation that occurred with the gold in the past.
This statement came when the government of Norway isn’t even bitcoin-friendly, as they ended the subsidiary for the Bitcoin miners in 2018. But it seems private companies based in Norway have a different approach. Liberstad, an anarcho-capitalist in February 2020 has adopted cryptocurrency as their official medium of exchange.
MicroStrategy has been in the news for quite a time due to their bold and unexpected investments in Bitcoin. Micheal Saylor, CEO of the company, is a firm supporter of Bitcoins and has bought 38250 Bitcoins worth $425 million in September 2020. And the company recently shifted their reserve asset to Bitcoins.
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