Where Law Meets Algorithms: Erling Løken Andersen on Bitcoin, Monetary History, and the Birth of Neverwinter Fund

From entrepreneur to attorney to fund manager, Erling Løken Andersen has taken a path few in finance can claim. Today, as the founder and fund manager of Neverwinter Fund I SLP, a Luxembourg-based quantitative Bitcoin fund, he stands at the intersection of monetary history, digital assets, and institutional strategy. In this conversation with Impact Wealth, Erling explains why he believes Bitcoin represents a once-in-a-century financial shift and how Neverwinter is built to capture it.

I. Origins: Entrepreneur, Attorney, Fund Manager

IW: Erling, let’s start with your journey. You’ve been an entrepreneur, a lawyer, and now a fund manager. How did that evolution happen?

Erling: I started as an entrepreneur, founding and running several companies, learning business by doing. At one point, I became involved in a tax dispute with the Norwegian tax authorities. I decided to complete law school in half the normal time, so I could defend myself effectively. I eventually won the case.

After working a few years as an attorney, I moved into the fund space. Today, I manage Neverwinter Management Sàrl as General Partner, where the fund vehicle is Neverwinter Fund I SLP, based in Luxembourg.

IW: What made you focus specifically on Bitcoin and crypto?

Erling: In fintech and payments, I’d seen a lot. But the more I studied monetary history, the more convinced I became that Bitcoin represented a fundamental shift in global finance. The way Uber changed transport, and Netflix changed movies, Bitcoin is changing money.

II. Why Bitcoin Is a Platform Shift

IW: You frame Bitcoin as a platform shift. How do you explain that to people unfamiliar with the deeper mechanics?

Erling: Money has historically been a social contract, trust-based, and controlled by institutions and states. Bitcoin introduces a decentralised monetary network with a fixed supply of 21 million coins and cryptographic proof of ownership and transactions.

Because supply is fixed and demand is rising, I believe Bitcoin’s relative buying power will increase versus fiat over time.

IW: Critics still describe Bitcoin as speculative or risky. How do you respond?

Erling: I see volatility as a feature of the transition, not a flaw. The deeper issue is structural. When the money supply (M2) keeps rising, inflation becomes inevitable.

Warren Buffett has pointed out how compound interest creates exponential effects over decades. The inverse is also true: inflation aggressively erodes capital. Einstein is often quoted as saying, “Compound interest is the most powerful force in the universe”. I believe inflation is the most powerful force of capital erosion.

Bitcoin offers an escape option because supply is limited.

III. Real-World Illustration: Bitcoin vs. Buying Power

IW: Can you give a practical example of what you mean?

Erling: In 2017, you could buy a modest US home for about US$340,000, which equaled roughly 24 BTC. Today, that same home might cost less than 4 BTC. Bitcoin’s buying power has increased relative to fiat, while fiat continues to lose value. That dynamic affects real wealth.

IW: So Bitcoin’s benchmark, in your view, isn’t fiat at all?

Erling: Correct. Comparing Bitcoin to fiat is like comparing two elevators moving in opposite directions. One is going up, one is going down. There’s no stable reference point. We prefer to measure value in real buying power.

IV. Nation-States and the Coming Race for Bitcoin

IW: You’ve mentioned a potential nation-state race for Bitcoin. What does that look like?

Erling: Some countries are beginning to put Bitcoin on their balance sheet, positioning themselves for long-term upside. I believe there’s an impending competition among states for position in the Bitcoin Network – a race that will matter over the next 50 to 100 years.

The train has already left the station, but it’s still moving slowly enough for investors especially family offices and institutions to climb aboard.

IW: What evidence supports your view of accelerating adoption?

Erling: Several metrics: active Bitcoin addresses continue to rise. Large-holder wallets those with more than 1,000 BTC demonstrate what I call institutional conviction.

On an average day, estimated Bitcoin transaction volume is around US$16 billion, up from about US$1 billion in early 2020. These are concrete indicators of adoption.

V. Inside Neverwinter: Structure, Strategy, and Oversight

IW: Let’s talk about your fund. How is Neverwinter structured?

Erling: NeverwinterFund I SLP,is a Luxembourg-domiciled alternative investment structure under the AIFMD Article 3(2) sub-threshold regime. It’s capped at €100 million, with a €50,000 minimum subscription, and intended for sophisticated investors, family offices, and high-net-worth individuals.

Our strategy is an algorithmic long/short approach focused on Bitcoin and related derivatives, powered by our proprietary Lightspeed model. We use institutional-quality custody, diversified execution across platforms, annual audits, and quarterly reporting.

VI. Why Family Offices Are Next

IW: Why are family offices such important adopters?

Erling: Family offices protect generational wealth. They think 30 to 50 years ahead. Inflation and monetary expansion slowly erode capital. Bitcoin hedges that.

Many were watching from the sidelines due to a lack of trusted vehicles. That is changing. Since our launch in late October 2025, we’ve seen interest from multiple jurisdictions, especially families who understand that waiting another five years could leave them permanently behind.

IW: What risks should readers be aware of?

Erling: Several: volatility, regulatory uncertainty, exchange-counterparty risk, and more. We address these through diversification, strong custody, governance, and transparency. We view this as a long-term structural bet, not short-term timing.

VII. Advice for New Investors

IW: For someone who says, “Why not just buy Bitcoin personally?” how do you respond?

Erling: Self-custody is valid for many individuals. But for family offices and institutions, there are considerations: governance, custody, auditability, suitability, tax structuring. A fund structure provides the wrappers and processes they expect.

Algorithmic strategies can also capture upside and manage risk dynamically.

IW: For someone cautious but interested, what’s your advice?

Erling: Start with clarity of purpose: is it a hedge, a long-term allocation, or a speculative trade?
If you want long-term structural exposure to scarcity and a monetary shift, treat Bitcoin as part of a diversified portfolio. Understand custody, risk, and regulation.

Don’t buy the idea that Bitcoin is “easy money.” It isn’t. Treat it as an asymmetric bet, relatively small allocation but potentially large upside if the thesis plays out.