(BTC USD) Bitcoin May Yet See ‘Breakthrough,’ Norway Finance Minister Says

June 2, 2021

The finance minister of Norway appeared to break away from the chorus of Bitcoin critics and suggested that cryptocurrencies will at some point move past the volatility for which they’re currently known and experience a period of “breakthroughs.”

“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,” Jan Tore Sanner said in an interview on Tuesday. For now, though, the finance minister warned that it’s “not a market I would recommend consumers to enter.”

The ascent of Bitcoin and its rivals has triggered a slew of warnings from governments and monetary authorities, who point to cryptocurrencies’ lack of any underlying value as a fundamental flaw in their design. Meanwhile, central bankers are racing to produce their own digital currencies to fill the void left by an increasingly cashless world.

Bitcoin has slumped 40% since an April high

The governor of Norway’s central bank, Oystein Olsen, is among Bitcoin’s detractors. But in Norway’s industrial heartland, the billionaire owner of one of the country’s biggest corporate empires has emerged as a Bitcoin enthusiast. Kjell Inge Rokke, majority shareholder in Aker ASA, says Bitcoin will end “on the right side of history,” and the chief executive of Aker recently hinted the company might even consider taking payment in Bitcoin.

Sanner says he can’t see crypto assets going mainstream until they’re properly regulated, which European authorities are currently working on. For now, cryptocurrencies are also “popular with criminals,” he warned.