Norway’s sovereign wealth fund investment to increase digital currency
Reported that Norway is planning to withdraw from Norway. 121 billion of its sovereign wealth fund (nearly $15 billion) to cover the loss of oil revenues. In Norway’s sovereign wealth fund investment portfolio increased digital currency now sounds crazy, but in fact it may happen soon.
Norway is the biggest oil exporter in Western Europe, but the decline in crude oil prices hurt the economy of Norway. Norway’s sovereign wealth fund assets of about $890 billion, deposit at the Bank of Norway. As of the third quarter of 2016, the Norway government has withdrawn a total of 54 billion Norway Koruna, this trend seems to still continue, although it will have a negative impact.
Norway and bitcoin
Welcome to Norway block chain technology and bitcoin, bitcoin is that taxable assets rather than money. The country’s largest bank, the Bank of Norway (DNB) proposal to stop the use of cash in Norway, and the Nordic bank is running the Nordic block chain accelerator.
Bitcoin volatility is high, most of the countries shilly-shally, but still willing to accept bitcoin. The Norway government has so far not showing bitcoin interest. However, with the Nordic bank support block chain, believe the government of Norway to accept it also The day is not too distant when.
In recent years, tensions between bitcoin and the Nordic countries have eased. In 2014, several banks closed down a number of bitcoin company’s bank account, including Bitcoinbolag.
Since bitcoin price volatility can bring high returns and growth rate, some hedge funds have invested bitcoin. Perhaps Norway’s sovereign wealth fund portfolio can increase investment in its digital currency.