Norwegian Billionaire Spetalen Who Called For a Ban on Bitcoin Takes a U-Turn

Øystein Stray Spetalen, interestingly, has reversed his views on Bitcoin in a flash. In a matter of few days, the Norway-based investor and billionaire has gone from being a cynic of Bitcoin network to acquiring MiraiEx, one of the largest cryptocurrency exchanges in the country.

As per a news report by Finansavisen, Spetalen took part in the DNB conference. The investor had posted a video earlier this month, requesting authorities to implement a blanket ban on Bitcoin and cryptos.

Spetalen’s request was based on the argument that cryptos gives out a “considerable amount of CO₂,” gobbling more energy than his entire country’s consumption.

The argument is frequently used by cynics of Bitcoin and confuted with relevant data from numerous studies. Nevertheless, the investor has pointed out that a ban on Bitcoin would “reduce carbon emissions considerably.” Spetalen further stated:

“It’s just nonsense. We’re doing well with the payment systems that are in place today.”

Nevertheless, the billionaire is demonstrating adaptability with an open mind. He informed the media outlet that he has changed his view of the crypto a few days after his cynicism went on press.

Without restricting himself from taking an about-turn on his opinion, he proceeded to acquire MiraiEx, which had successfully finished a financing round a few months back, spearheaded by the company Skyfall Ventures. Spetalen has revealed that the primary inspiration for purchasing Bitcoin was the arrival of Kjell Inge Røkke, a Norwegian investor, in the cryptocurrency market.

“When the facts change, I change. I met the MiraiEx founders Thuc and Øyvind the day after the podcast was recorded, early in March, and I realized that I had been wrong. And when I also read that (a Norwegian billionaire) Kjell Inge Røkke had got into Bitcoin, it was quite obvious. I can’t bear to see that Røkke makes money and not me.”

Kjell Inge Røkke is a top shareholder in Norwegian investment firm Aker. Earlier this month, he established a firm named Seetee, which intends to operate a Bitcoin payment node and pave way for sustainable Bitcoin mining operations. The media outlet Røkke has published a letter, which contrasts earlier criticism of Spetalen. The billionaire’s letter reads as follows:

“Bitcoin is in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement. Our ambition is to be a valuable partner in new renewable projects.”