Oystein Spetalen

Norway’s Billionaire Oystein Spetalen Invests Big in Bitcoin

Like the saying goes “When in doubt, choose change”, this is true especially when it comes to Bitcoin. Since the year started, the fear of missing out (FOMO) has driven even the strongest Bitcoin critic to consider the primary crypto currency as reliable. The latest critic to side with change is the Norwegian Billionaire Oystein Stray Spetalen who goes big on the leading crypto asset.

Oystein Spetalen Reverses Stance Over Bitcoin

Oystein Spetalen was recently all over the pages when he referred to Bitcoin as “nonsense” during the DNB Invest conference earlier this month. The Norwegian investor said he is content with the current payment systems and that Bitcoin should be banned immediately. He added that the flagship cryptocurrency is hostile to the environment.

Spetalen is not the first Bitcoin antagonist to speak out against Bitcoin. A couple of days ago, Norway emerged as the “most cashless society.” However, the country’s central bank governor, Oystein Oslen (not to be confused with the investor) revealed that the country is not looking to invest in Bitcoin as an alternative to cash. 

Olsen highlighted reasons why he thinks Bitcoin cannot push out fiat currency. He referred to Bitcoin as too “resource-intensive”, costly and volatile to preserve stability. He revealed that it is ridiculous to think that Bitcoin, which is not controlled by any central bank will replace fiat.

Oystein Spetalen Buys into Crypto Exchange Miraiex

However, in an interesting turn of event, Oystein Spetalen in an interview was quoted to have said that “when the facts change, I change.” He admitted that he was wrong about Bitcoin all the while. As a result, he invested big in Bitcoin and also bought into Norway’s largest crypto exchange, Miraiex.

He explained that his viewpoint of Bitcoin changed when he met with the founders of Miraiex exchange, Thuc Hoang and Oyvind Kvanes. According to a Norwegian news outlet, Oystein Spetalen is very positive about Miraiex and has also joined the board of directors. A move like this could broaden the adoption of Bitcoin in Norway.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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