(BTC USD) Bitcoin May Yet See ‘Breakthrough,’ Norway Finance Minister Says

The Norwegian finance minister seemed to break away from the chorus of Bitcoin critics and suggested that at some point cryptocurrencies should overcome the volatility for which they are currently known and experience a period of “breakthroughs”.

“It is clear that over time there can be a development in which you can get more stabilization mechanisms in the currencies, which can lead to larger breakthroughs and upheavals in the longer term,” said Jan Tore Sanner in an interview on Tuesday. For now, however, the finance minister warned that it “is not a market I would recommend to consumers”.

The rise of Bitcoin and its rivals has sparked a series of warnings from governments and monetary authorities indicating that cryptocurrencies have no underlying value as a fundamental flaw in their design. Meanwhile, central bankers are scrambling to produce their own digital currencies to fill the void left by an increasingly cashless world.

The governor of the Norwegian central bank, Oystein Olsen, is one of the critics of Bitcoin. But in Norway’s industrial heartland, the billionaire owner of one of the country’s largest corporate empires developed as a Bitcoin enthusiast. Kjell Inge Rokke, majority shareholder of Aker ASA, says Bitcoin will end up “on the right side of history,” and Aker’s CEO recently indicated the company might even consider making payments in bitcoin.

Sanner says he can’t see crypto assets go mainstream until they’re properly regulated, which is what European authorities are currently working on. At the moment, cryptocurrencies are also “popular with criminals,” he warned.

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