Bitcoin news: Norway adds BTC to its portfolio – Impact on price?

• The Norwegian sovereign wealth fund has increased its exposure to Bitcoin.
• Governments now hold over 400,000 BTCs.

In a surprising turn of events, Norway’s sovereign wealth fund has significantly increased its indirect Bitcoin exposure, marking a pivotal moment in cryptocurrency adoption.

This Bitcoin news highlights a growing trend of institutional interest in digital assets, with governments worldwide holding substantial Bitcoin reserves.

Norwegian sovereign fund expands indirect Bitcoin holdings

In the latest Bitcoin news, K33Research reports a significant development: Norway’s sovereign wealth fund (NBIM) has substantially increased its indirect Bitcoin exposure.

The fund now holds the equivalent of 2,446 BTC through strategic investments in crypto-exposed tech firms. This Bitcoin-related portfolio, valued at an impressive $143 million, has seen a notable growth of 938 BTC since the close of 2023.

In a bold move that’s making waves in Bitcoin news circles, Norway’s public fund has strategically reallocated its investments.

The fund reduced its stakes in Meta and other tech giants, instead funneling capital into promising Web3 stocks. Key beneficiaries of this shift include industry leaders such as MicroStrategy, Coinbase, Block, and Marathon Digital.

Global government Bitcoin holdings: A rising tide in adoption

The Bitcoin news from Norway is just the tip of the iceberg in terms of governmental cryptocurrency involvement.

A comprehensive report from Coingecko sheds light on a broader trend: governments worldwide now collectively hold approximately 2.2% of the total Bitcoin supply.

This translates to an astounding 471,000 BTC, highlighting the growing institutional interest in cryptocurrency.

Leading the pack in this Bitcoin news trend is the United States, with holdings exceeding 212,000 BTC.

This significant governmental stake in Bitcoin not only legitimizes the cryptocurrency but also signals a potential shift in how nations view digital assets as part of their investment strategies.

Bitcoin Adoption Metrics Paint a Promising Picture

Delving deeper into Bitcoin news analysis, recent data from Santiment reveals an encouraging trend in user adoption. The number of non-zero Bitcoin addresses has seen a notable uptick, rising from approximately 53 million to 54 million in recent days.

This increase, despite some market fluctuations, strongly indicates that more individuals and entities are entering the Bitcoin ecosystem.

Source: Santiment

This growth in non-zero addresses is particularly significant Bitcoin news as it suggests a broadening base of Bitcoin holders.

While recent Bitcoin news has reported a slight dip in daily active addresses, the overall picture remains strong. The number of daily active Bitcoin addresses continues to exceed the crucial 500,000 threshold.

This metric, which previously fluctuated between 600,000 and 700,000, now stands at over 592,000.

Bitcoin price update: Navigating below the $60,000 milestone

Despite the positive developments in institutional adoption and user engagement, Bitcoin’s price is below the psychologically important $60,000 mark.

Source: TradingView

Read Bitcoin’s [BTC] Price Prediction 2024-25

Recent analysis from AMBCrypto highlights that Bitcoin has encountered some downward pressure over the past 24 hours. At the time of this report, BTC is trading at approximately $58,000, reflecting a marginal decline of 0.5%.

This price action, juxtaposed against the backdrop of increasing adoption and institutional interest, presents an intriguing narrative in current Bitcoin news.