Norwegian billionaire Ã˜ystein Stray Spetalen, who once called bitcoin â€œnonsense,â€ has reportedly capitulated and invested in the cryptocurrency after seeing another billionaire in Norway embracing bitcoin. He has also invested in a local crypto exchange. â€œWhen the facts change, I change,â€ he said.
Norwegian Billionaire Gets Into Bitcoin After Seeing Another Making Money With the Cryptocurrency
Ã˜ystein Stray Spetalen, a Norwegian billionaire, has made a complete reversal in his view of bitcoin, local publication Finansavisen recently reported. Once a bitcoin skeptic who called the cryptocurrency â€œnonsense,â€ he has now changed his mind and invested in bitcoin as well as a local crypto exchange.
Norwegian business newspaper Dagens NÃ¦ringsliv calls Spetalen a â€œmulti-billionaireâ€ and â€œNorwayâ€™s most famous investor.â€ The publication also describes him as â€œone of the countryâ€™s most prominent and experienced investors, [who] has made a lot of money on the stock exchange in recent months and has been a key figure in several IPOs.â€
Commenting on bitcoin at the DNB Invest conference in March, Spetalen said: â€œThe only thing I have made an analysis of is that bitcoin today consumes as much energy as all of Norwayâ€™s energy consumption. It is extremely environmentally hostile â€¦ the authorities and the EU should ban this immediately.â€ He added: â€œItâ€™s just nonsense. We are doing well with the payment systems that are in place today.â€
However, during a recent interview with Finansavisen, he revealed that he has purchased bitcoin as well as invested in Miraiex, a Norwegian crypto exchange platform owned and operated by the Oslo-based Mirai Technologies AS.
â€œWhen the facts change, I change,â€ Spetalen admitted. â€œI met the Miraiex founders Thuc and Ã˜yvind the day after the podcast was recorded in early March and realized that I had been wrong,â€ he elaborated, emphasizing:
Spetalen owns and runs the investment firms Ferncliff AS and Tycoon Industrier AS. He was previously an investment director at Sveeas-Gruppen, CEO of Noka Securities AS, CEO of Oslo Securities AS, CEO of Finanshuset, and a portfolio manager in Gjensidige Forsikring.
In March, Norwegian oil billionaire Kjell Inge Rokke established a new business dedicated to bitcoin called Seetee with 500 million kroner ($59 million) in capital, which he called â€œan amount we aim to increase significantly over time.â€ Rokke believes that bitcoin could â€œbecome the core of a new monetary architectureâ€ and each coin could be â€œworth millions of dollars.â€ He also confirmed that his new company â€œwill keep all its liquid investable assets in bitcoin.â€ While Spetalen did not disclose the amount of his BTC investment, he said that it was less than what RÃ¸kke has invested.
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