August 8, 2022

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Kjell Inge Røkke

Røkke may have lost 165 million in crypto investment – NRK Norway – News overview from different parts of the country

Before the weekend, NRK wrote about 28-year-old amateur investor suffered huge losses After the cryptocurrency “Terra Luna” Collapse.

On Tuesday he bought “Terra Luna” for 100,000 kroner – on Thursday all the money was lost.

Last week, the price of Terra Luna went from nearly $74 to $0.0002. Hence it is almost worthless.

The crash sent other major cryptocurrencies down. In the past week, the world’s largest digital currency, Bitcoin, has plunged nearly 18 percent. Since the beginning of the year, the value of bitcoin has fallen by nearly 40 percent.

Big Variation: Many people invest in cryptocurrencies despite the fact that prices vary widely.

Illustration: Simon Elias Bogen / NRK

The decline in the capital markets was also highlighted as one of the reasons for the decline of the cryptocurrency.

It has consequences for more of the antenna investor than Bodø.

A company owned by Kjell Inge Røkke is investing heavily in Bitcoin. You may have lost up to 165 million kroner.

Investment of many millions

In March last year, Røkke stated in a shareholder letter that parent company Aker had set up the investment firm Seetee.

The company was to invest in projects and companies in the bitcoin system, and get all of its cash in bitcoin. Seetee started buying 1,170 bitcoins.

price? 500 million kroner.

On Women’s Day last year, the same day Røkke sent a letter about Seetee, bitcoin was worth more than $52,000 – just over NOK 500,000. At the time of writing, Bitcoin was trading at around $29,400 – around $286,000.

Today, 1,170 bitcoins are worth 335 million kroner, 165 million less than in March of last year.

The account was confirmed by Torbjørn Bull Jenssen, General Manager of Arcane Crypto.

aware of the uncertainty

In the letter dated March 2021, Røkke acknowledged that the crypto market is very unstable.

– but we don’t care, because we believe in the long-running function, he writes, concluding the letter as follows:

– We don’t just want to wait for the future – we want to help build it!

Kjell Inge Roque, Christian Jomas and Ovind Eriksen at the Pareto Energy Conference 2020.

Kjell Inge Røkke (left) with Christian Jomaas at Pareto Securities and Aker CEO Øyvind Eriksen.

Photo: Cecily Langome-Baker/NRK

Atle Kigen, press director at Aker, will not comment on Seete’s investment in bitcoin on Saturday.

– We report on Aker’s investments on a quarterly basis, and do not comment on short-term fluctuations in the markets, he writes in a text message to NRK.

– OhSurprised if this changes Røkke’s view

Torbjørn Bull Jenssen, general manager of Arcane Crypto, believes Røkke’s investment is not as unique as one might think.

It is not a private right as many people think in an international context. The special thing is that it is a traditional industrial player investing, while technology-oriented companies often take this position.

Torbjørn Bull Jenssen

Torbjørn Bull Jenssen’s general manager at Arcane Crypto believes that Kjell Inge Røkke and Seetee have taken into account the significant volatility in the crypto market. – I’m surprised if this changes Røkke’s view of bitcoin.

Photo: Arcane Crypto / Arcane Crypto

Bull Jenssen expects the crypto market to be unstable over a fairly long period, but it will stabilize in the long run.

Seetee’s position was both positive and minus. me He would be surprised if this changes Røkke’s view of Bitcoin.

– This may have been something Seetee expected to happen, says Bull Jenssen.

tesla faucet

Røkke wasn’t the only director who invested in cryptocurrencies last year.

Elon Musk and electric car giant bought Tesla according to CNBC Bitcoin for $1.5 billion in 2021. At the end of the year, the same company stated that this position was worth about $2 billion, or NOK 19.5 billion at the current dollar exchange rate.

Elon Musk

Elon Musk and Tesla are investing heavily in Bitcoin.

Photo: Britta Pedersen/AFP

inside Report for the first quarter of 2022Tesla said the company had over $1.2 billion in digital money as of March 31. That’s about $300 million less than what the company bought last year.

And it’s not just companies that are struggling.

El Salvador, the country, according to Bloomberg It has lost about $40 million on cryptocurrency since September. The site wrote that this is the amount that the country will have to repay in government debt in June of this year.

Protests against the introduction of Bitcoin in El Salvador

Protester: A person holds a poster with the image of El Salvador’s President Neb Bokel. The photo was taken during a protest against the introduction of bitcoin as a payment method.

Photo: Jose Cabezas/Reuters

El Salvador’s President Neb Bukele is said to have bought more than 2,000 bitcoins since he made the cryptocurrency legal tender in the country in September last year. According to Bloomberg, it will be worth about $66 million in May of this year.

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