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It is really an unbelievable event in the eyes of the community. Following the news of the addition of 1170 BTC worth over $58 million by the Norwegian biggest industrial mogul in the crypto space to its treasury and with plans to purchase more, it is felt that the headlines could not do justice to the situation.
It is not just another addition for a corporate body like that of Michael Saylor but the weight of its implication will be examined.
The identity of Inge Kjell Rokke and the implications
Inge Rokke is the second wealthiest person in the country of Norway and he is the leader and chairman of Aker ASA with a whooping net worth of about $5.4 billion.
The Company, Aker, has its history dated back to over 180 years as an industrial conglomerate in the country of Norway and in the conglomerate is renewable energy and oil and gas companies.
What then is the Oil Fund of Norway?
In a statement on the BIM (Bank Investment Management) of Norway’s website, it is captured that in 1969, there was tremendous growth in the economy as a result of the increasing demand for oil and the participation of Norway in the sales. In a bid to cautiously use the funds in 1990, the parliament passed a bill for the creation of the Norges Fund Global…the fund deposited can and should only be invested abroad.
The taxes from this Oil fund are then re-staked in different corporations across the world and this is what is referred to as the Petrodollar recycling which has been the big picture behind the globalization move in about 50 years now.
In recent time, the Oil Fund in Norway is the biggest of all wealth fund in the whole wide world having an AUM (Asset Under Management) of $1.3 trillion and has about 1.5% of all the public companies listed in the world.
The impact that the oil fund has on financial assets is just the one LeBron James had on the companies that want his backing.
The Shift from the Norm
The Company handled by Rokke is one of the top five on the leaderboard of the company in Norway and its history has to afford it the opportunity to see the development of globalization and the system petrodollar first hand and understands that recent times is a breakdown in the development and a backlash for the institutions’ leaders.
This is the reason why the foray of Rokke’s investment in Bitcoin is really more than the announced $58 million.
Rokke cited the privilege of working with the likes of Grant and Raoul at Real Vision and they all have a common conclusion that the world is heading to a fresh level of inflation, lengthened volatility and a shift from capital to Labor.
The advice is if such a man in Norway is using the work of petrodollar recycling and globalization as his rubrick, we all must beware.