The Swedish Bitcoin markets have emphatically responded to Mathias Sundin, the world’s only elected politician to accept campaign donations exclusively in Bitcoin, assuming the position of Chairman of The Board with Sweden’s largest Bitcoin exchange, BTCX.
The Surge In Localbitcoins Trading Volume Can Be Interpreted As Evidence of a Large Uptake in Swedish Bitcoin Adoption
Swedish Bitcoin trading volume on localbitcoins has doubled in recent weeks, following news of Mathias Sundin’s transition from the political arena to the position of Chairman of the Board at BTCX.
Mathias Sundin made history in 2014 by becoming the world’s first elected politician to exclusively accept campaign donations in the form of Bitcoin, and has been credited with contributing to the highly liberal regulatory approach to Bitcoin and cryptocurrencies that Sweden currently maintains. In 2016 Sweden joined the many countries that say they are looking into how to develop their own cryptocurrencies, the exact applications for which have yet to be determined, and earlier this year news emerged that Sweden is testing out blockchain technology as means to secure land title registry records.
BTCX’s Customer Base Has Shown Recent Consistent Growth of Over 1,000 Users Each Month
The surge in localbitcoins trading volume can be interpreted as evidence of a large uptake in Swedish bitcoin adoption, as trading via localbitcoins incurs heavier fees than on exchanges, and thus represents a depiction of the userbase citizens who are likely to be outside of the trading community. The rapid rise in trading volume has been attributed to Sundin’s move to BTCX, whose success as an MP garnered great attention and validation of bitcoin throughout Swedish society.
BTCX’s customer base has shown recent consistent growth of over 1,000 users each month, and Sundin hopes to accelerate growth through greater cooperation with the country’s mainstream financial institutions. For Sundin, BTCX has a unique opportunity to “show the banks and everyone else that they’re following every regulation… we’re doing everything by the book here, and there’s nothing fishy going on.”
Further cooperation between the bitcoin industry and Sweden’s mainstream financial institutions will make Sweden one of the most advanced nations when it comes to fostering growth and investment in the cryptocurrency economy.
Bitcoin is a legal means of payment in Sweden and is currently classified as a ‘capital investment object’, with capital gains taxation charged on realised gains in value, and standard taxation applied to the dollar value of bitcoins when used in the form of commercial transactions. There’s also two exchange-traded notes (ETNs) pegged to the price of Bitcoin that are traded on the NASDAQ OMX in Sweden.
Do you think Mathias Sundin’s transition from politics to Chairman of the Board at BTCX will lead to greater mainstream adoption of bitcoin in Sweden? Let us know your thoughts below!
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