Since the latter half of 2020, we have seen several largescale businesses pledge their support for bitcoin. Between MicroStrategy, Square and others, the world is filled to the brim with companies that see the world’s number one digital currency as much more than just a standard, speculative asset, and now Aker ASA, a billion-dollar industrial holding company, is the latest enterprise to suggest that the currency is something special.

Aker ASA Is the Latest Bitcoin-Loving Institution

The coronavirus pandemic has caused a massive shift in the way the world does business and in how money is viewed. Fiat currencies are down across the board, experiencing heavy inflation that has caused many people to turn to alternate methods of finance for their everyday needs. One of these methods has been bitcoin, which is now viewed as a hedge tool and as a store of wealth given that it’s price continues to shoot through the roof.

Several companies have purchased billions of dollars in the asset, such as MicroStrategy – which owns close to $5 billion in BTC at the time of writing – and Tesla, which shocked the world with a recent purchase of roughly $1.5 billion-worth of the asset.

Now, Aker ASA is setting up an entire division with the purpose of investing in both bitcoin and blockchain technology. This suggests that the asset is still making headway amongst top institutional players. The unit is known as Seetee AS, and houses more than $58 million in assorted assets. Many of these, the company explains, will be traded for BTC in the coming future.

In a shareholder letter, Kjell Inge Rokke – the chairman of Aker ASA – explained:

Bitcoin may still go to zero, but it can also become the core of a new monetary structure. First, we will use bitcoin as our treasury asset and join the community. In bitcoin speak, we will be hodlers. We will be different, but additive. Perhaps not as rebellious as the cypher punks who invented bitcoin, but much more progressive than most established corporates… People who know the most about bitcoin believe its future success is nearly inevitable.

He also says in the letter that bitcoin has the capacity to reach $1 million per unit.

Slow and Steady

At first, $58 million doesn’t sound like much. Even if Aker decides to use all these assets to buy bitcoin and keep nothing else in its reserves, this is a rather small figure when compared with those of both Tesla and MicroStrategy.

Even companies such as MassMutual and Stone Ridge bought more than $100 million-worth of the world’s number one digital currency, so it doesn’t seem like Aker is accomplishing much right off the back. However this is still a positive step forward in that now several companies abroad and not just those stationed in the U.S. (Aker is a Norwegian firm) are looking at bitcoin under a stronger lens.

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