Norway is {now|currently} {planning|preparing|intending} to {withdraw|take out} NOK 121 bln ({close to|near to|near} $15 bln) from its sovereign {wealth|riches|wide range} fund in order to cover its loss of oil {revenue|income|profits|earnings}. The {idea|concept|suggestion} that Norway% u2019s sovereign {wealth|riches|wide range} fund {could|might|can} {put|place} cryptocurrency in its {portfolio|profile} {now|currently} {sounds|seems|appears} wild

1. Norway To Withdraw $15 Bln From Its Wealth Fund, Can Put
Bitcoin in Portfolio in Future
teamsteverhyner.com/norway-to-withdraw-15-bln-from-its-wealth-fund-can-put-bitcoin-in-portfolio-in-future/
Norway is now planning to withdraw NOK 121 bln (close to $15 bln) from its sovereign wealth fund in order to cover
its loss of oil revenue. The idea that Norway’s sovereign wealth fund could put cryptocurrency in its portfolio now
sounds wild, but in reality it could happen soon.
The country is the biggest oil exporter in western Europe and with crude oil prices down, it has hurt the Norwegian
economy and if oil prices do not rise. The fund itself is approximately $890 bln.
The fund keeps the money in the Norges Bank. By third quarter 2016, the government already withdrew a total of
NOK 54 bln. It looks like the trends is continuing despite negative effects.
Norway and Bitcoin
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2. Norway itself is welcoming Blockchain technology as well as Bitcoin, deeming it a taxable asset but not a currency.
Its largest bank, DNB has proposed to stop the use of cash in Norway and Scandinavian bank, Nordea is running its
Nordic Blockchain accelerator.
As Bitcoin’s volatility is still high, most countries are still hesitant but still willing to accept Bitcoin. The Norwegian
government so far has not shown interest in Bitcoin. However, with Scandinavian banks siding with Blockchain, it
will not be long before Norway follows.
In recent years, the tension between Bitcoin and Scandinavian countries has eased. In 2014 , several banks closed
down bank accounts of companies working in the Bitcoin space including Bitcoinbolag.
Several hedge funds are already invested in Bitcoin due to its fluctuating price which could lead to high returns and
growth rates. Perhaps Norway’s sovereign wealth fund could put cryptocurrency in its portfolio.
Re-posted from www.cointelegraph.com by Angus Leung October 14, 2016
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3. Steven L. Rhyner
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