Norway's $2 Trillion Fund Warns It Could Wipe Out Entire Fortune Overnight

Nicolai Tangen, CEO of Norway's $2 trillion wealth fund, warned that its massive fortune could go to zero. He framed this scenario as a mental emergency preparedness exercise, not a prediction.

The fund holds indirect exposure to Bitcoin through equity stakes in companies that hold BTC on their balance sheets. This stake jumped 83% from the year to mid-2025, but Tangen's warning is not about Bitcoin itself.

Tangen pointed to parallels with the run-up to the 1929 crash, including tariffs and trade barriers. In this scenario, US stocks lost nearly 90% between 1929 and 1932. The fund's own stress tests model a 'fragmented world' of tariffs and rival trade blocs, which alone erases 37% of its value.

Tangen acknowledged the economy's resilience in absorbing shocks, but emphasized that stretched valuations, tariffs, and complacency threaten every risk asset, including Bitcoin. The fund does not buy Bitcoin directly, but its indirect exposure to BTC is a concern for investors.