Cryptocurrencies have been experiencing sky-high popularity, and have been a hot topic for the past decade or so. One of the strongest crypto markets in the world is Scandinavia, where users and lawmakers alike, take great interest in this alternative payment method. While the average Scandinavian will use his favorite cryptos to pay online, play at an Etherum casino, or simply make peer-to-peer transactions, local authorities are focused on something completely different.
Sweden is on its way to create a brand new crypto substitute e-krona. Iceland is seeing cryptos as an opportunity for business development, and the development of green industries. Norway has, however, chosen a slightly more cautious approach, and is primarily oriented on informing the public about the dangers of ever-volatile cryptos. Gambling expert from Norway Gilfred Helmonsen says that regardless of the official policies, cryptos are here to stay.
“One of the main reasons cryptos gained so much in popularity is the rise of online casinos, as well as restrictions on certain payment methods such as credit cards. People always find a way to work around governmental restrictions, and discreet and untraceable crypto transactions are perfect for such maneuvers”, he explains.
What are the Most Popular Cryptos in Scandinavia?
Despite Oystein Olsen, the governor of Norges Bank in Oslo, claiming Bitcoin is far too unreliable to be considered a serious replacement for fiat payments, it is insanely popular not only in Norway but throughout Scandinavia. It is also the most popular and most-used crypto in the world. Needless to say, its popularity allowed it to reach an astonishing price of over $45,000 in August 2021.
Bitcoin is followed by Ethereum, popular mostly among the IT crowd, as it is more than just crypto. Etherum has far greater potential and its price, despite being constantly on the rise, is still affordable. The third one on the list is Binance, a currency created for paying fees on crypto platforms. Binance is still relatively unknown to wider audiences but has been gaining significant momentum ever since its launch in 2017.
The next two cryptos in Scandinavia are not too far behind. Cardano and Tether take fourth and fifth place, respectively. Even though their prices can hardly compare to that of Bitcoin, they are also more stable. Tether is even known as stablecoin, meaning it is a crypto that is backed by the most popular fiat currencies such as EUR or USD. Thanks to this innovative approach, Tether’s price fluctuates only as much as the price of fiat currencies, making it less risky than many other cryptos you can buy online, on special exchanges.
Our expert is not surprised by this list and provides a completely new view of the whole market: “Just a few years ago Bitcoin was the king, and all other cryptos were considered to be novelties. Nonetheless, the rise in Bitcoin price and innovations that lead to the development of other cryptos proved to be essential in this popularity contest.”
However, Helmonsen warns about one thing – the price bubble. In recent history, he warns, cryptocurrencies experienced several provoked bubbles forced by the crypto-community worldwide, including Scandinavia. As human greed is unmatched, many individuals without any knowledge of crypto markets jumped the bandwagon only to witness a fall in price after the bubble burst. In a way, this is in line with warnings issued by the Norwegian authorities. Despite the authorities being focused only on Bitcoin, it is important to remember how the volatility of any crypto is far greater than the volatility of any of the standard currencies.