Let's see what's happening in Norway, which is a very rich country.
They almost don't have any gold reserves. They have sold almost all of it because it's not a great investment in their eyes:
Norges Bank has sold 16 tonnes of gold bars in January and is planning to sell the remainder of the Central Bank's holdings of gold bars at a later time. Excluded from the sale are seven gold bars that have been used for exhibition purposes and a large number of gold coins that were transported to England when Norway was attacked in 1940. Norges Bank and the University of Oslo are discussing whether the gold coins can be put on public exhibition.
The background to the sale is that gold only accounted for just over one per cent of the Bank's international reserves, and thus contributed little towards diversifying the risk associated with the reserves. The return on gold has historically been low.
On the other hand, Aker, a company founded in 1841, with now more than 28 thousand employees has recently decided to invest in Bitcoin. They created Seetee, which will only deal with Bitcoin investments, with an initial investment of 500 million NOK.
Here's the letter to the shareholders. Recommended reading as it describes the journey of understanding Bitcoin from the point of view of a successful businessman:
Aker’s decision to enter Bitcoin through Seetee is the result of a long and fundamental discussion about value. I have been drinking from the fire hose since last summer. While this letter is my way of expressing my thoughts on the matter, my insights are largely derived from reading articles and books, listening to podcasts and watching videos, as well as conversations with people around me.
Norway has made good financial decisions in the past, and I think they're going in the right direction now as well. Bitcoin is the future.
