Yesterday, I had a strong feeling that a new institution was going to announce that it is adopting bitcoin as its treasury reserve asset today and early this morning, my prediction came true.
This morning, a subsidiary of Norwegian holding company Aker, Seetee, announced that it had accumulated 1,170 BTC and that it will be investing in Bitcoin-focused companies. One can assume that those bitcoin are now tucked away in deep cold storage as it plans to HODL for the future. At the end of its tweet thread announcement, Seetee linked to a shareholder letter written by its billionaire founder Kjell Inge Røkke, explaining why it has decided to adopt a Bitcoin standard. And, oh boy, is it bullish.
After reading the letter myself and discussing the content with some colleagues, we came to the conclusion that this has to be the most bullish article written so far this year. This is the type of content that Bitcoiners have dreamed of seeing, a letter from a billionaire on why bitcoin is important and how his team can build a brighter future for their company by operating on a Bitcoin standard.
Below are three of my most bullish takeaways from the letter with some explanation of why they’re so important:
1. The steep learning curve to understanding Bitcoin has repelled many, allowing for the strong and determined to rise to the top and grasp it, while accumulating it. One of the reasons for this is because many are not taught about the monetary properties of money that make it valuable. They see money only as a medium of exchange so naturally, they unconsciously reject Bitcoin because it completely breaks their worldview.
“You can only challenge preconceived ideas when you are willing to go outside of your comfort zone,” Røkke wrote. “Bitcoin has inspired us to challenge our intuitive understanding of money.”
As Røkke explains, his company also had its personal beliefs about money challenged by Bitcoin. This is great confirmation bias to see, as after all the plebs…