Cash use in Norway has plummeted dramatically and the global pandemic has inadvertently accelerated the journey to a cashless country. In fact, reports claim that the Nordic country now has the lowest cash usage in the world.
With all of this in mind, one would expect a country like Norway to easily adopt bitcoin as an alternative to fiat currencies.
But that's not the case, as the Norwegian government isn't ready to soften its stance on cryptocurrency. According to a recent report released by Bloomberg, Oystein Olsen, the governor of Norway's central bank - Norges Bank - has dismissed any possibility of the country embracing bitcoin.
Because Bitcoin is currently not on the Norwegian radar
The central bank governor said bitcoin is unlikely to spill fiat money that is currently regulated and controlled by central banks.
Olsen provided three reasons which form the basis of his argument. He believes that bitcoin is "too expensive in terms of resources" and also "too expensive". This presumably refers to bitcoin mining and the insane amount of energy it consumes.
Finally, Olsen said the flagship cryptocurrency "does not preserve stability". He explained that: "I mean, the basic ownership and task for a central bank and a central bank currency is to provide stability to the value of money and the system, and this is not done with bitcoin."
However, a Norwegian billionaire backs Bitcoin
Olsen's critique of bitcoin doesn't come long after Norwegian oil billionaire Kjell Inge Røkke spoke out in favor of cryptocurrency.
Earlier this month, Røkke said bitcoin is set to be worth millions of dollars. The oil company of billionaire Aker ASA then unveiled a cryptocurrency-focused business called Seetee AS which made a $ 58,6 million bitcoin investment. In addition to this investment, Seetee will also allocate capital for projects dedicated to the bitcoin ecosystem.
The cryptocurrency king has continued to attract naysayers and fans after a very unstable start to 2021. One bitcoin now has a quotation of 56.000 dollars. About a year ago, the cryptocurrency was valued at just $ 7.000 and struggled to break through the psychological level of $ 10.000.
As such, BTC has received endorsement from business moguls such as Tesla CEO Elon Musk. As a matter of fact, Tesla converted $ 1,5 billion of its excess cash into bitcoin last January.
Before the electric car maker, MicroStrategy, Square and over 15 publicly traded companies had already added bitcoin to their balance sheets.
In short, although the states (who want to control the economy with their banks and their currency) are reluctant to adopt bitcoin, it is clear that the world is going exactly in the opposite direction.