23 Mar 2021

The world's most cashless country, Norway has now a issue with Bitcoin


Norway has recently become the world's most cashless society, its central bank governor warns that citizens should not turn to Bitcoin as a substitute.

The governor of Norges Bank in Oslo, Oystein Olsen believes it is impossible for Bitcoin, the most common cryptocurrency, to replace the money, currently regulated by central banks.

Bitcoin is "far too resource-intensive, far too expensive, and, most importantly, it does not maintain stability," Olsen said in an interview. “I say, the basic property and duty of a central bank and central-bank currency is to maintain the value of money and the system's stability, which Bitcoin does not do."

On Monday, one Bitcoin was worth about $57,000, almost 900 percent more than it was a year earlier. Cathie Wood of Ark Investment Management, like Elon Musk, is a fan. Goldman Sachs Global Markets Division global head of digital assets Matt McDermott recently said that there is now "massive" institutional demand for Bitcoin across various industry types and from private banking clients.

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