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Date:
29th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

A Norwegian Billionaire Former Critic now Buys Crypto Exchange and Bitcoin

Just when BTC held by custodial exchanges is hovering at new lows, Øystein Stray Spetalen, a Norwegian billionaire who previously advocated for banning Bitcoin and crypto, has proceeded to buy MiraiEx, one of the largest crypto exchanges in the country, and Bitcoin. He previously held that Bitcoin mining is energy-efficient, and banning it could significantly reduce CO2 footprints.


Details: 

The argument that Bitcoin mining is energy-efficient and contributes to the environment's degradation is exaggerated. Admittedly, Bitcoin mining is energy-intensive. However, most sources are from renewables. Efforts are ongoing to see the complete transition to clean energy sources and renewables, a move that will finally crash critics' assertions. Stray's crypto investment is a massive endorsement of this fact. It highlights the significance of BTC both as a store of value, an investment, and a medium of exchange.


Impact on the BTC Price: 

Bullish. Bitcoin acts as "a load-balancing economic battery," according to another Norwegian billionaire, Kjell Inge Røkke. Investment from Norwegian billionaires and companies is a massive step forward for BTC and crypto as a disruptive and potent sub-sector.


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