Bitcoin is likely to stabilize and enter a breakthrough phase in the longer term, the finance minister of Norway said in a Bloomberg report.

  • Jan Tore Sanner believes developments could bring about more stabilization mechanisms that can lead to greater breakthroughs in the slightly longer term.
  • With the volatility hounding the market, Sanner said it is not a space he would recommend consumers to invest for now.
  • The finance minister said crypto assets are unlikely to go mainstream without proper regulation, and for now are “popular with criminals.”
  • Sanner said the public should decide for themselves whether to invest in Bitcoin, noting it is not yet ready to serve as a fiat institute.
  • The official said there is great interest in cryptocurrency both in Norway and internationally but has yet to be a suitable mode of payment.
  • Norway central bank Governor Oystein Olsen is wary of Bitcoin, but its industrial heartland serves as home to several enthusiasts of the digital token.

BTC/USD is up 5.32%.