[2021-03-08] Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves

Lucius

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Quote from: aoluain on March 10, 2021, 03:41:18 PM

Its a dangerous game not taking custody of your own Bitcoin, I wonder
how Aker are approaching custody of their purchase, taking or giving?

Very likely the same way companies in the US do it, which would mean they use custodial wallets. The way they do it is of course wrong, but I think that public companies have no choice but to do just that way, not only because of the law, but also because they are not up to taking care of the crypto they bought.

This would come down to these companies using hardware wallets in combination with multisig, and yet it requires knowledge and is not something anyone can deal with. All of this suits governments best because BTC comes under their indirect control by accumulating under the supervision of various custodial services, which are nothing but crypto banks. In just ten years, we have gone from a digital currency that few has taken seriously, to being bought by the world's largest companies - I wonder what the whole thing will look like in another 10 years.

bbc.reporter

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Quote from: aoluain on March 10, 2021, 02:26:38 AM

Ok, so the news desk at Bitcoin.com acknowledge the trend of big companies.

Quote

One of China’s top internet app makers, Meitu Inc., is adding up to $100 million worth of cryptocurrencies to its treasury, joining a growing list of companies worldwide to do so.

It is hard to know how these companies will react to a bear market. I recon there
wont be one or a prolonged one. If there is one will the pricing in the bear market
be lower than their buy price?

Also why would they sell back into a presumably hyperinflated FIAT system?

These moves we are seeing are about preserving wealth ahead of weakening FIAT systems

It might be easier to know with public companies because if the company is a public company then its shareholders can pressure the company’s board of directors.

In any case, I reckon with big companies holding bitcoin, it is beginning to place itself as a mainstream asset for speculation. This is very incredible for an opensource project.

blockman

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Quote from: bustabitsboy on March 10, 2021, 04:25:30 PM

Not surprisingly, the number of wealthy bitcoin investors is growing every day. Crypto money is not so much a necessary investment, but with the latest events, with proper use, they give a lot of profit.

Yeah, they just keep coming to the market and announcing that they're going all in. They've come to realize that it's a good asset that they can invest and grow with their money someday through it.

Quote from: aoluain on March 09, 2021, 06:04:18 AM

I wonder if they have been infleuenced by Michael Saylor.

Maybe, we will not know about that. But it can also be that they're already aware of bitcoin and just looking at it for a long time and somehow did an experimented and watched how long it will go and now that they've seen it, they're getting in.

bustabitsboy

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Not surprisingly, the number of wealthy bitcoin investors is growing every day. Crypto money is not so much a necessary investment, but with the latest events, with proper use, they give a lot of profit.

aoluain

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Quote from: Lucius on March 10, 2021, 05:44:31 AM

Quote from: Theb on March 09, 2021, 11:00:26 AM

-snip-

Quote from: aoluain on March 09, 2021, 01:31:31 PM

Why are European, African and Asian wealthy companies not going the same route?
Is is just that we are not being informed?

No one forbids others to do the same thing, except that some may be restricted by local laws and cannot freely invest in something like Bitcoin. It is also possible that we are just not informed that such investments are happening elsewhere, because public companies in the US have an obligation to disclose such things publicly.

What worries me about all these US-based companies is that we actually centralize huge amounts of BTC within one economy, by having the same BTC guarded by so-called crypto banks like Coinbase, which on the other hand have to play by their government's rules - which means that at any moment all these funds can be frozen for the reason that BTC can be marked as a threat to national security.

True and scary.
When more people and companies globally add Bitcoin to their portfolios there
will be less centralisation in that regard.

We all should really use exchanges for what they are and not as wallets.

Its a dangerous game not taking custody of your own Bitcoin, I wonder
how Aker are approaching custody of their purchase, taking or giving?

Theb

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Quote from: Lucius on March 10, 2021, 05:44:31 AM

Quote from: Theb on March 09, 2021, 11:00:26 AM

Well not everything significant in the crypto industry only revolves around the US, for one China leads the world in terms of crypto mining with them leading the share in hashrate and from what I know Russia and Kazakhstan as well are also mining hubs.

China has its place when it comes to mining and manufacturing mining equipment, but even that is slowly changing and we are seeing more and more decentralization in the area. This is definitely a good thing, because one of the reasons for distrust of Bitcoin is that there is a theory that it is controlled by China, and let's be honest - who likes that they have any influence at all, considering that they can ban the whole thing overnight.

Of course nobody will like any kind of monopoly going on in the crypto industry itself and we have seen previous cases where a significant hashrate drops in just one day or big miners itself are just absorbing the miners who are shutting down but that is how things right now. If we want to remove a monopoly from happening we should see that the governments of countries need to be more involve like giving incentives or subsidies for crypto mining which will make it attractive for miners to start competing for the rewards, competition here is really what is lacking and maybe the lack of interest from other countries is what makes China still sitting at the top. For all of this to happen it will really take some time to do so like what we have seen from companies deciding to buy Bitcoin as part of their investments.

Lucius

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Quote from: Theb on March 09, 2021, 11:00:26 AM

Well not everything significant in the crypto industry only revolves around the US, for one China leads the world in terms of crypto mining with them leading the share in hashrate and from what I know Russia and Kazakhstan as well are also mining hubs.

China has its place when it comes to mining and manufacturing mining equipment, but even that is slowly changing and we are seeing more and more decentralization in the area. This is definitely a good thing, because one of the reasons for distrust of Bitcoin is that there is a theory that it is controlled by China, and let's be honest - who likes that they have any influence at all, considering that they can ban the whole thing overnight.

Quote from: aoluain on March 09, 2021, 01:31:31 PM

Why are European, African and Asian wealthy companies not going the same route?
Is is just that we are not being informed?

No one forbids others to do the same thing, except that some may be restricted by local laws and cannot freely invest in something like Bitcoin. It is also possible that we are just not informed that such investments are happening elsewhere, because public companies in the US have an obligation to disclose such things publicly.

What worries me about all these US-based companies is that we actually centralize huge amounts of BTC within one economy, by having the same BTC guarded by so-called crypto banks like Coinbase, which on the other hand have to play by their government's rules - which means that at any moment all these funds can be frozen for the reason that BTC can be marked as a threat to national security.

aoluain

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Ok, so the news desk at Bitcoin.com acknowledge the trend of big companies.

Quote

One of China’s top internet app makers, Meitu Inc., is adding up to $100 million worth of cryptocurrencies to its treasury, joining a growing list of companies worldwide to do so.

It is hard to know how these companies will react to a bear market. I recon there
wont be one or a prolonged one. If there is one will the pricing in the bear market
be lower than their buy price?

Also why would they sell back into a presumably hyperinflated FIAT system?

These moves we are seeing are about preserving wealth ahead of weakening FIAT systems

bbc.reporter

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This Chinese company has also begun buying bitcoin to store in its treasury reserves. Anyone who reads my posts knows that I have always been skeptical on many things. I reckon that we have to speculate if these companies are buying bitcoin to dump later or to hodl. We can trust their hodl in this bull market but in the bear market?

Chinese Public Company Adds Bitcoin and Ethereum to Treasury Reserves

Chinese public company Meitu Inc. announced Sunday:

The group has purchased 15,000 units of ether and 379.1214267 units of bitcoin (BTC), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.

Founded in 2008, Meitu is one of China’s top internet enterprises utilizing AI-driven image-and-video processing technologies for editing user-generated mobile content.

Source https://news.bitcoin.com/publicly-listed-maker-billion-user-chinese-app-meitu-40-million-bitcoin-ether-treasury/

stomachgrowls

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Quote from: aoluain on March 09, 2021, 01:31:31 PM

Quote from: Lucius on March 09, 2021, 10:03:55 AM

I keep wondering what all the other big world companies are waiting for, because everything that happens has to do with US based companies. Except for one big UK company that has invested some significant funds, everything else that comes from outside the US is just dust - same as this investment of only some $60 million, although I guess it's just the beginning of an unknown amount (for me) that will be invested in BTC.

-snip-

Im with you on this Lucius, im wondering the same, its mostly US based companies
who are sinking the biggest amounts into Bitcoin.

Why are European, African and Asian wealthy companies not going the same route?
Is is just that we are not being informed?

With this current digital era we are on, its impossible for us to presume that they arent informed about whats happening on finance world specially on businesses even though they arent really as big as to those we've seen
in US companies but still a significant thing if those small ones will really collide and making such the same move.

Still on observation mode? They should changed up that behavior because if they dont like to miss up the opportunity then they should really act fast and made some move
rather than on regretting in the end when the market is already on the possible peak.

100% Bitcoin in reserves are bit too much or risky for a company to do so but well, i cant really blame them off if they do had that kind of positivity.

aoluain

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Quote from: Lucius on March 09, 2021, 10:03:55 AM

I keep wondering what all the other big world companies are waiting for, because everything that happens has to do with US based companies. Except for one big UK company that has invested some significant funds, everything else that comes from outside the US is just dust - same as this investment of only some $60 million, although I guess it's just the beginning of an unknown amount (for me) that will be invested in BTC.

-snip-

Im with you on this Lucius, im wondering the same, its mostly US based companies
who are sinking the biggest amounts into Bitcoin.

Why are European, African and Asian wealthy companies not going the same route?
Is is just that we are not being informed?

Theb

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Quote from: Lucius on March 09, 2021, 10:03:55 AM

I keep wondering what all the other big world companies are waiting for, because everything that happens has to do with US based companies. Except for one big UK company that has invested some significant funds, everything else that comes from outside the US is just dust - same as this investment of only some $60 million, although I guess it's just the beginning of an unknown amount (for me) that will be invested in BTC.

Well not everything significant in the crypto industry only revolves around the US, for one China leads the world in terms of crypto mining with them leading the share in hashrate and from what I know Russia and Kazakhstan as well are also mining hubs. For companies on the other hand there are a handful of Canadian companies namely 3iQ The Bitcoin Fund and Ninepoint Partners are involved in the investment side of things with regards to Bitcoin. So these companies might not be involved when it comes to buying Bitcoin directly using their cash reserves but they do are involved in the industry itself, US companies might be leading the race but some international companies are catching up to what they are doing.

Lucius

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I keep wondering what all the other big world companies are waiting for, because everything that happens has to do with US based companies. Except for one big UK company that has invested some significant funds, everything else that comes from outside the US is just dust - same as this investment of only some $60 million, although I guess it's just the beginning of an unknown amount (for me) that will be invested in BTC.

Interestingly, when I searched for information about Aker ASA, I first came across Aker Solutions that is affiliated with ASA - and it got a bad reputation during 2007 when Amnesty International accused it of participating in the construction and maintenance of the infamous Guantanamo Bay base where human rights are still being violated even today. When I read this, then we can say that part of this money is very dirty considering where it came from...

Quote from: https://en.wikipedia.org/wiki/Aker_Solutions

In 2007, the company was identified by Amnesty International as an accessory to torture and other human rights abuses for its collaboration in constructing and maintaining the US detention camp at Guantanamo Bay. Aker Kværner first broke ground at the site in 1993 and continued contract work with the US Department of Defense until 2006

acquafredda

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They have just opened a newco which will be entirely focused on Bitcoin called Seetee https://www.seetee.io/
https://www.akerasa.com/en/news/stock-exchange-releases/article/36900-aker-asa-launches-seetee-to-invest-in-bitcoin-and-blockchain-technology
Apart from investing directly in Bitcoin they will partner with Blockstream to innovate the Bitcoin mining ecosystem.

Kjell Inge Røkke, Chairman of Aker & Founder of Seetee, stated the following

Quote

We are not going to wait for the future - we want to join in building it as well! I encourage entrepreneurs to reach out to Seetee. The bigger the dream, the more we listen.

cool

aoluain

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Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves of New Investment Unit

From Coindesk.

Quote

Owned by billionaire Kjell Inge Roekke, the firm's new investment entity, Seetee, is going all in on bitcoin.

Yet another big player enters the Bitcoin space. Interesting to see a european high profile
company make the move.

I wonder if they have been infleuenced by Michael Saylor.

Topic: [2021-03-08] Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves (Read 166 times)