3 Reasons Why Bitcoin Not Approved in World’s Most Cashless Country – Norway
- 23rd March 2021
- Posted by: Hakeem
- Category: Crypto
As reported by Bloomberg, despite Norway becoming the “most cashless” society, the governor of the local central bank does not approve of Bitcoin as an alternative to fiat.
Three reasons why Oystein Olsen dismisses Bitcoin
The head of the central bank of Norway—Norges Bank based in Oslo—Oystein Olsen, believes that it is impossible for Bitcoin to push out fiat currencies since it is not under the control of central banks.
He dismissed Bitcoin as money for three reasons. First and second, the flagship cryptocurrency is “far too resource-intensive” and “far too costly,” obviously referring to mining and the enormous amounts of electricity that it consumes.
The third reason is that Bitcoin “doesn’t preserve stability.”