Cross-country legend Petter Northug is now entering into an ambassadorial partnership with Swedish ETP provider Virtune. Northug, who has been engaged in crypto since 2016-17, stresses the importance of long-term saving.
Northug cautions against expectations of fast money and stresses that investors must endure the volatility to join in: “Holding on to crypto is top sport,” he says.
On Tuesday this week, Northug was listed in the program only as a “secret speaker” during a major event in Oslo organized by Private Banking i Nordnet and Virtune. However, once the official program for an audience of 250 was over, Kaupr did a video interview with Northug.
Here, Northug talks about his new ambassadorial role, his long journey into crypto since 2016—2017, and why he believes long-term and realistic expectations are absolutely crucial in a troubled market.
Northug says that he will become an ambassador for Swedish ETP provider Virtune. “A lot of people remember me and my rivals from Sweden, but it's really fun that you can see what the borders are and look at cooperation too,” says Northug. He also believes that his name is still “comparatively well-known” in Sweden, and that such cooperation therefore works across country borders.
The cross-country hero began exposing himself to crypto in 2016-2017, a time when he describes that one “almost had to do it in the boys' rooms and shut the door, because it was fyfy”. He points out that development has been rapid and that in 2025 it has become very easy for people to trade cryptocurrencies such as Bitcoin.
Northug believes crypto creates strong emotions because many people have an expectation of getting rich fast. He points out that the market often goes in the opposite direction of expectations, and that when the market expected a “fantastic Q4” with euphoria, the market has instead corrected itself 30 percent down from the peak. “It creates emotion, it creates the excitement, and that's how it's part of crypto. It's fun, it's action, it's up, it's down,” he explains.
Northug stresses that investors must endure the volatility to participate: “Keeping up with crypto is top sport”. He warns against the attitude that crypto should provide quick money: “That's not how the world works, not in crypto or there. It has to be long-term savings, and it pays off in the long run.”
About Bitcoin in particular, Northug says that the special thing now is that the cryptocurrency is starting to become “very ubiquitous.” He highlights that it has become easy to buy Bitcoin through trading exchanges and use Bitcoin as savings, and that one can have it in their portfolio very easily — something that was more advanced just a few years back. Northug points out that nations are now using Bitcoin as a reserve currency and that they are starting to take it more seriously, which he finds exciting for the future as well.
When asked whether to invest in Bitcoin directly or through regulated and packaged products such as ETPs, Northug replies that it depends on who one is. A “Bitcoin maxis” that has been around for many years may prefer to own outright with their own private key, since it is part of the crypto philosophy that no one else has access. For those new to crypto, ETPs make it very easy to trade via exchange, and one can quickly take ownership in, for example, Bitcoin.
Northug describes that the market is now in many ways split between two camps. One believes that the peak has been reached if one follows the traditional four-year cycle, and that 2026 will be a Bear market. The other camp believes the correction is complete and that the market will have one last upward surge towards Q1, and that liquidity controls the cycle rather than the four-year pattern. “I feel like it's a bit split, and don't have the answer,” Northug admits. He follows the market closely every day to see what happens in December and next year.
Northug reveals that he is sitting with “dry gunpowder” that he can use to buy more, which he thinks is smart when the market is like it is right now.
Timestamps video
00:00 Petter Northug as ambassador
00:39 Northug's start in crypto
01:08 Emotions and crypto
01:43 Short-term or long-term?
02:23 Why Bitcoin?
03:06 Direct or ETP products
03:43 Bull or bear?
04:30 Sitting with dry gunpowder
