Norway, a country in northern Europe with a population of nearly 5.5 million, has made significant investments in Bitcoin stocks totaling around $1.7 trillion. This year, the government has increased its holdings of Bitcoin, now indirectly owning 2,446 BTC through its investments in crypto stocks. This move showcases a bullish stance on Bitcoin and highlights global sovereign support for the cryptocurrency’s price.
Norges Bank Investment Management
The Norges Bank Investment Management fund, responsible for investing the nation’s significant oil revenues, has notably increased its exposure to Bitcoin after rebalancing its portfolio in 2024. The fund divested from tech giants like Meta and redirected its funds into Web3 stocks such as MicroStrategy, Coinbase, Block, and Marathon Digital. This shift was motivated by the strong returns generated by equity investments, particularly in technology stocks driven by increased demand for artificial intelligence solutions.
According to Vetle Lunde, a senior analyst at Norwegian digital assets strategy firm K33 Research, Norway’s sovereign wealth fund (NBIM) now indirectly owns 2,446 BTC, reflecting an increase of 938 BTC from the previous year. This significant Bitcoin exposure underscores the cryptocurrency’s growing maturity as an asset and its integration into diversified investment portfolios.
The surge in Bitcoin investments is not unique to Norway, as countries like the United States and El Salvador have also embraced the cryptocurrency. In the U.S., Senator Cynthia Lummis (R-WY) proposed establishing a strategic Bitcoin reserve, a policy endorsed by former President Donald Trump. Meanwhile, in El Salvador, where Bitcoin is legal tender, President Nayib Bukele has been accumulating on-chain Bitcoin since 2021, resulting in significant profits for taxpayers when the Bitcoin price surged.
Norway’s increasing investment in Bitcoin, as evidenced by its growing holdings through the Norges Bank Investment Management fund, reflects a broader trend of cryptocurrency integration into traditional investment portfolios. This strategic move aligns with the global embrace of Bitcoin as a viable asset class with the potential for substantial returns. As more countries and institutions recognize the value of Bitcoin and other cryptocurrencies, the landscape of traditional finance is undergoing a significant transformation.
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