Norwegian billionaire ditches skepticism, invests in local crypto exchange

In the same month, Norwegian billionaire investor Øystein Stray Spetalen went from dismissing bitcoin (BTC) as a meaningless currency to revealing that he had joined the board of MiraiEx, Norway’s leading domestic crypto-currency exchange.

Spetalen’s previous position was that cryptocurrencies like bitcoin should be immediately banned by Norwegian and European authorities, due to the devastating impact of their mining on the environment. In a pre-recorded interview presented at the DNB Invest Conference on 18. March was shown, he said:

Bitcoin now consumes as much energy as all of Norway. It’s very anti-environment. The authorities and the EU should ban it immediately. You would have significantly reduced CO2 emissions… That’s just absurd. We are well versed in the payment systems that exist today.

On the 26th. In March, however, Spetalen changed his mind in an interview with Norwegian newspaper Finansavisen. When the facts change, I change, he said: I met MiraiEx founders Tuck and Iwind the day after I recorded the podcast in early March and realized I was wrong.

Norwegian cryptocurrency exchange and custodian MiraiEx just raised 5 million kilos ($580,000) in late 2020 to further expand its business. In addition to his investments in the local exchange and his membership on the board of directors, Spetalen has apparently also been buying bitcoins, albeit in smaller quantities than fellow Norwegian billionaire Kjell Inge Røkke. Spetalen stated that it disclosed its unspecified investment in a top cryptocurrency:

When I read that Kjell Inge Rocke had gotten into Bitcoin, it was pretty obvious. I can’t watch Roque make money and I can’t do it.

Rökke is the chairman of Aker ASA, a $6 billion industrial holding company that set up a special unit in early March to invest in projects and companies in the bitcoin ecosystem. The entity was originally capitalized with K500 million (~$58.6 million) and plans to hold all of its liquid investment funds in bitcoins.

It was also recently revealed that the Norwegian State Pension Fund, also known as the Petroleum Fund and the world’s largest sovereign wealth fund, indirectly owns nearly 600 bitcoins through its investments.

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