To ensure Norway's autonomy on future payments, Norge Bank should build up a small Bitcoin holding and build expertise on Bitcoin. This is what CEO Torbjørn Bull Jenssen of K33 says in an interview with Kaupr.
Bull Jenssen stresses that this is not to build a central bank reserve in Bitcoin.
'A lot of Bitcoin people recommend that the Oil Fund or Norges Bank should buy bitcoin because they are thinking about the increase in value. It's not a view I share. If you think that AbitCoin is going to rise, then as a private individual you can take that exposure. We don't need the government to invest in Bitcoin on our behalf. Citizens can be allowed to do this themselves,' says Bull Jenssen.
The backdrop for Bull Jenssen's play is the risk that the world will become increasingly fragmented when it comes to payments, something that has already been seen in connection with sanctions and Russia's invasion of Ukraine. According to Bull Jenssen, Norway's risk in the future may be the great connection and dependence that Norway has in relation to the United States when it comes to international payments.
'As a future guarantee of autonomy, I believe that Norway should build up expertise on Bitcoin, on dealing with Bitcoin. That is why I believe that Norges Bank should buy small amounts of Bitcoin, because the moment they buy Bitcoin, they have to solve many practical challenges. Getting up this learning curve, that's something we should be doing sooner rather than later. Not because Bitcoin should rise so much in value. The important thing is the learning you get from being live, and dealing with Bitcoin in real life, not just as an idea in a work paper,” says the K33 boss.
Bull Jenssen believes that Bitcoin will be able to be a payment corridor that will be left open regardless of what President Donald Trump or other major powers might think. Then Norway, Norwegian residents, Norwegian companies will be able to buy Bitcoin which can then be sent to a recipient country and used as payment for something they have imported, or accept Bitcoin which is then sold into Norwegian kroner. This is not something we need today. Today, Norway is well connected to the international financial system. But we live at the mercy especially of the United States, and what is governing American politics.'
In the interview, we also walk about the project that Norges Bank has been working on for many years already, the investigation of Digital Central Bank Money (DSP), or CBDCs, and where it is planned to make a recommendation during 2025: yes or no and if yes in the case of how Bull Jenssen does not advocate scrapping the DSP project, but that the testing of Bitcoin can be done in parallel with the scenarios that Norges Bank is already working on.
'This can be done in parallel. This is primarily about skill building and experience building, which cannot be done with desktop exercises,' says Bull Jensen who believes that testing Bitcoin payments will have value for the entire DSP project. 'It is very natural to start with Bitcoin, as by far the most solid crypto project, and the easiest place to get started and build real and real experience.'
The full ivideo nterview (in Norwegian) with Bull Jenssen, which also includes many other topics in the meeting between crypto and classical finance, you can watch on Kaupr's website and on YouTube.
Below you can see an edited excerpt of the interview (in Norwegian) that is solely about Norges Bank and testing Bitcoin payments.
To ensure Norway's autonomy on future payments, Norge Bank should build up a small Bitcoin holding and build expertise on Bitcoin. This is what CEO Torbjørn Bull Jenssen of K33 says in an interview with Kaupr.
Bull Jenssen stresses that this is not to build a central bank reserve in Bitcoin.
'A lot of Bitcoin people recommend that the Oil Fund or Norges Bank should buy bitcoin because they are thinking about the increase in value. It's not a view I share. If you think that AbitCoin is going to rise, then as a private individual you can take that exposure. We don't need the government to invest in Bitcoin on our behalf. Citizens can be allowed to do this themselves,' says Bull Jenssen.
The backdrop for Bull Jenssen's play is the risk that the world will become increasingly fragmented when it comes to payments, something that has already been seen in connection with sanctions and Russia's invasion of Ukraine. According to Bull Jenssen, Norway's risk in the future may be the great connection and dependence that Norway has in relation to the United States when it comes to international payments.
'As a future guarantee of autonomy, I believe that Norway should build up expertise on Bitcoin, on dealing with Bitcoin. That is why I believe that Norges Bank should buy small amounts of Bitcoin, because the moment they buy Bitcoin, they have to solve many practical challenges. Getting up this learning curve, that's something we should be doing sooner rather than later. Not because Bitcoin should rise so much in value. The important thing is the learning you get from being live, and dealing with Bitcoin in real life, not just as an idea in a work paper,” says the K33 boss.
Bull Jenssen believes that Bitcoin will be able to be a payment corridor that will be left open regardless of what President Donald Trump or other major powers might think. Then Norway, Norwegian residents, Norwegian companies will be able to buy Bitcoin which can then be sent to a recipient country and used as payment for something they have imported, or accept Bitcoin which is then sold into Norwegian kroner. This is not something we need today. Today, Norway is well connected to the international financial system. But we live at the mercy especially of the United States, and what is governing American politics.'
In the interview, we also walk about the project that Norges Bank has been working on for many years already, the investigation of Digital Central Bank Money (DSP), or CBDCs, and where it is planned to make a recommendation during 2025: yes or no and if yes in the case of how Bull Jenssen does not advocate scrapping the DSP project, but that the testing of Bitcoin can be done in parallel with the scenarios that Norges Bank is already working on.
'This can be done in parallel. This is primarily about skill building and experience building, which cannot be done with desktop exercises,' says Bull Jensen who believes that testing Bitcoin payments will have value for the entire DSP project. 'It is very natural to start with Bitcoin, as by far the most solid crypto project, and the easiest place to get started and build real and real experience.'
The full ivideo nterview (in Norwegian) with Bull Jenssen, which also includes many other topics in the meeting between crypto and classical finance, you can watch on Kaupr's website and on YouTube.
Below you can see an edited excerpt of the interview (in Norwegian) that is solely about Norges Bank and testing Bitcoin payments.
