Bitcoin Stabliziation May Be on the Horizon: Norway Finance Minister
Jan Tore Sanner – the Minister of Finance in Norway – opined that Bitcoin will see better days if it manages to solve its volatility issues. However, he advised investors to stay away from the current crypto market due to enhanced uncertainty.
Breakthrough for BTC
Contrary to the mostly negative comments coming from policymakers about Bitcoin’s merits, Norway’s Finance Minister – Jan Tore Sanner – surmised that the asset could overcome its instability and achieve a breakthrough in the long term:
”It is clear that there may be a development over time, whereby you will be able to get more stabilization mechanisms in the currencies that can lead to greater breakthroughs and upheavals in the slightly longer term.”
Despite his optimistic forecast, though, Sanner warned investors about the potential risks in the crypto market. He went further, advising people to avoid dealing with digital assets as of now:
”It’s not a market I would recommend consumers to enter.”
Nevertheless, Sanner seems significantly more open-minded on the cryptocurrency, especially when compared with other policymakers. For example, Bank of England’s Governor Andrew Bailey recently opined that people allocating funds in the cryptocurrency market need to be prepared to lose all of their money.
The British official argued that digital assets lack any ”intrinsic value.” Bailey also added that he is not a big fan of putting the words ”crypto” and ”currency” together as people should use other phrases such as ”crypto assets.”
BTC Support Among Norway Ministers
The Norwegian Minister of Climate and Environment – Sveinung Rotevatn – openly praised Bitcoin and admitted that he is a HODLer.
The lawmaker did not reveal how much BTC he had, but described the asset as a ”well-suited store of value.”
”What might make Bitcoin so exciting is that it has some of the same properties. You can’t suddenly discover a ton of Bitcoin somewhere, giving one country huge reserves. It’s spread evenly, it grows slowly, but steadily, and has a finite supply… Therefore, it’s theoretically well-suited as a store of value.”
Rotevatn also touched upon the hot topic of BTC’s environmental issues. He highlighted that Norway is one of the greenest countries focusing on using primarily renewable energy. Furthermore, he believes gold mining and the banking system are much more harmful to nature as they consume significantly more energy than BTC mining.