TL;DR Breakdown

• Norweigan billionaire now a crypto enthusiast.
• Previous crypto skeptics who are now enthusiast.

The foremost cryptocurrency, Bitcoin, has again magically won the heart of a former crypto critic. This time, Norwegian billionaire Øystein Stray Spetalen staked a massive amount in crypto after his previous criticism of the digital asset.

A few weeks back, the Norwegian billionaire had called Bitcoin ‘nonsense’ while he spoke foul about the coin’s high energy consumption level. While investing in the crypto, a remorseful Spetalen said he was wrong about the number one cryptocurrency.

When BTC was nonsense for Norwegian billionaire, Spetalen

The 58- year old billionaire is a known trader and well-renowned investor who started investment since 9th grade.

While he was speaking at a DNB Invest conference early this month, he spoke on the current macro space and touched on the expanding trend of Bitcoin. He had no pleasant thing to say about BTC.

He stated that his only analysis is that crypto consumes a lot of energy and it is environmentally hostile. He called on the EU and other authorities to immediately ban the digital asset.

Further speaking, he said the existing payment and financial system operated adequately and had no room for BTC revolutionary change.

Repentant billionaire admits guilt, says he was wrong

Few weeks after his speech against crypto, he revealed he met the founder of a local crypto exchange, Miramax. He got to understand the complete details about BTC and its uniqueness from the traditional financial system. He said afterwards he then realized he was wrong.

Additionally, he said he felt some competition and perhaps FOMO as another Norwegian billionaire businessman, Kjell Inge Rokke, had just established a unit dedicated to investing in BTC through his company – Aker ASA.

He said he couldn’t bear to see a competitor make more money and not him, which ultimately led him to join the board of Miramax and buying BTC privately.

This is not the first time a former crypto skeptic would turn and buy BTC. Michael Saylor, Jim Cramer, Jordan Belfort, have invested in Bitcoin after previously bashing it.