Norwegian billionaire Oystein Wandering Spethalin, who had called bitcoin nonsense, reportedly capitulated and invested in the cryptocurrency after seeing another Norwegian billionaire embrace bitcoin. He also invested in a local cryptocurrency exchange. When the facts change, I change, he said.
Norwegian billionaire switches to bitcoin after seeingcrypto currency make him money.
Oystein Wandering Spetalin, a Norwegian billionaire, has completely changed his mind about bitcoin, local publication Finansavisen reported recently. Once a bitcoin skeptic who called cryptocurrencies nonsense, he has now changed his mind and is investing in bitcoin and a local cryptocurrency exchange.
The Norwegian business newspaper Dagens Næringsliv calls Mr Spetalen a multimillionaire and Norway’s largest investor. The publication also describes him as one of the most prominent and experienced investors in the country, [who] has made a lot of money in the stock market in recent months and has been a key figure in several IPOs.
At the DNB Invest conference in March, Spetalen said of bitcoin: All I have analyzed is that bitcoin now consumes as much energy as all of Norway. It is extremely environmentally unfriendly… The authorities and the EU must ban it immediately. He added: This is nonsense. We work well with today’s existing payment systems.
However, in a recent interview with Finansavisen, he revealed that he had bought bitcoins and also invested in Miraiex, a Norwegian cryptocurrency exchange platform owned and operated by Oslo-based Mirai Technologies AS.
When the facts change, I change, Spetalen admitted. I met Miraiex founders Tuck and Iwind the day after I recorded the podcast in early March and realized I was wrong, he explains, insisting:
And when I read that Kjell Inge Rocke had switched to bitcoin, it was clear. I can’t accept that Roque makes money and I don’t.
Spetalen owns and operates the investment companies Ferncliff AS and Tycoon Industrier AS. Previously he was an investment director at Sveeas-Gruppen, CEO of Noka Securities AS, CEO of Oslo Securities AS, CEO of Finanshuset and portfolio manager at Gjensidige Forsikring.
In March, Norwegian oil billionaire Kjell Inge Rokke founded a new Bitcoin company called Seetee with 500 million kroner ($59 million) in capital, which he described as an amount he expects to grow significantly over time. Rocque believes bitcoin could be at the heart of a new monetary architecture and that each coin could be worth millions of dollars. He also confirmed that his new company will hold all of its liquid investment funds in bitcoins. Although Spetalen did not disclose the amount of its investment in BTC, it said it was lower than Røkke’s.
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