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3 Reasons Why Bitcoin Not Approved in World’s Most Cashless Country – Norway

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Tue, 03/23/2021 - 11:20
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Yuri Molchan
Norway that recently become known as the “most cashless society” is not in a rush to allow Bitcoin adoption, here are the reasons why
 3 Reasons Why Bitcoin Not Approved in World’s Most Cashless Country – Norway
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As reported by Bloomberg, despite Norway becoming the "most cashless" society, the governor of the local central bank does not approve of Bitcoin as an alternative to fiat.

Three reasons why Oystein Olsen dismisses Bitcoin

The head of the central bank of NorwayNorges Bank based in OsloOystein Olsen, believes that it is impossible for Bitcoin to push out fiat currencies since it is not under the control of central banks.

He dismissed Bitcoin as money for three reasons. First and second, the flagship cryptocurrency is "far too resource-intensive" and "far too costly," obviously referring to mining and the enormous amounts of electricity that it consumes.

The third reason is that Bitcoin "doesn't preserve stability."

Related
Bitcoin May One Day Be Worth Millions of Dollars: Norwegian Oil Mogul

Norwegian oil billionaire embraces Bitcoin

As reported by U.Today earlier, Norwegian oil mogul Kjell Inge Rokke has recently stated that, one day, Bitcoin may be worth millions of dollars.

Rokke's enterprise, Aker ASA, has launched crypto investment company Seetee AS, which has acquired $58 million worth of BTC, thus becoming another large company that has allocated a substantial amount of funds into Bitcoin this year.

Prior to that Tesla, SkyBridge and other companies have acquired Bitcoin, along with MicroStrategy, which added approximately 200 BTC to its Bitcoin stash recently.

Tesla allocated a whopping $1.5 billion into Bitcoin. Besides, such global monsters of the payments industry as Visa and Mastercard are also adopting cryptocurrency payments for merchants.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.