Norway Central Bank Governor Says There Is No Possibility Of Bitcoin Replacing Fiat

Norway Central Bank Governor Says There Is No Possibility Of Bitcoin Replacing Fiat

Not very long ago, the governor of the central bank of Norway expressed his opinion regarding Bitcoin’s rise to fame. However, Mr. Oystein Olsen was unimpressed with Bitcoin, as he believes there would never come a time where Bitcoin could supersede a currency issued by the national bank.

The governor concurred in an interview that cryptocurrencies like Bitcoin remain extremely resource-hungry compared to fiat currency. He added that Bitcoin is not only an economical option to pursue, but also the instability of Bitcoin makes it very hard to ever become a viable option.

According to him, the key point for a national bank-backed currency represents stability and preservation of the currency’s value within the system, which Bitcoin does not provide. The statement of the governor came when one of Norway’s leading Business tycoon commented on Bitcoin backing the cryptocurrency for succeeding in the future.

In a fascinating turn of events, Aker ASA revealed “Seetee AS,” a new organization that would focus primarily on Bitcoin-related projects and organizations. The Norwegian business tycoon Kjell Inge Rokke in a letter to Aker ASA’s stakeholders, addresses Bitcoin shortcomings, like high electricity consumption, not scaling with transactions, and the prospect of Bitcoin being used for illicit activities. Despite Bitcoin’s shortcoming, Kjell believes Bitcoin offers a solution, not a problem.

Kjell went on ahead explaining why Aker is presently joining the Bitcoin space, as according to him, the conclusion he came to was the result of thorough discussion with his peers and influence from books, articles, and podcasts regarding Bitcoin. He, on top, added that failing to capitalize on Bitcoin would constitute a significant risk.

According to Matt McDermott, there is a considerable demand for cryptocurrency across many distinct industries. As the adoption of Bitcoin continues to grow, central banks across the globe race to build their very own proprietary CBDCs. In November, the Deputy Governor of the Norwegian central bank issued a statement, underlining Norway as the world’s least cash operating country, as coins and banknotes-based payment totaled close to 4% in Norway. IDA Wolden continued by saying the Norwegian CBDC would allow the citizens to pay securely and efficiently.

Jim crammer is among those analysts who believe Bitcoin offers a solution for the imminent boom after the pandemic. According to Jim Crammer, the most effective practice would be to purchase Bitcoin today.

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