Oil tycoon joins bets on Bitcoin

Oil billionaire Kjell Inge Rokke has come out strongly in favour of Bitcoin, as he bets the cryptocurrency will prove the best defence against the disruption facing the finance industry and central banking.

Rokke’s Aker ASA, which controls oil and oil service companies and has more recently branched out into green tech and renewable energy companies, is setting up a new business, Seetee AS, to tap into the potential of Bitcoin, according to a statement yesterday.

“Bitcoin may still go to zero. But it can also become the core of a new monetary —architecture,” Rokke wrote in a shareholder letter on Seetee’s website.

He says it’s not inconceivable that one Bitcoin could one day “be worth millions of dollars.”

“People who know the most about Bitcoin believe its future success is nearly inevitable,” Rokke said.

For now, Rokke’s investment will be small, and Seetee will start with just 500 million kroner ($58 million) in capital. The firm plans to keep all its liquid investable assets in the cryptocurrency.

Bitcoin has continued to divide opinions after a volatile start to the year. A single coin cost more than $57,000 at one point last month, compared with just over $8,000 roughly a year ago.

The cryptocurrency has won some notable endorsements of late, including Elon Musk. It’s also been associated with some nail-biting investing moments, With Cathie Wood’s Ark Investment Management a notable example.

Aker’s Seetee will focus on investing in Bitcoin, establish partnerships with leading players in the Bitcoin and broader blockchain community, launch Bitcoin verification operations and invest in innovation projects and companies.