Iceland’s crypto industry has promising future, but faces energy challenges

Energy-rich Iceland is “making strides” in crypto, says Gulli Gislason of Viska Digital Assets.

The crypto industry in Iceland is progressing but has yet to fully utilize its unique geographic advantages, says Gulli Gislason, CIO of Viska Digital Assets. Despite the 2008 banking crisis sparking interest in cryptocurrencies, adoption remains early compared to neighbouring countries.

Iceland, rich in geothermal and renewable energy, is ideal for Bitcoin mining, yet energy shortages and regulatory constraints hinder further development. Gislason notes Bitcoin miners have utilized excess energy, but electric vehicle subsidies have strained power resources, creating environmental concerns.

Viska Digital Assets, which avoids risk-heavy investments, sees potential in the crypto market, with mainstream players like BlackRock showing interest. Gislason remains optimistic about the industry’s future, predicting increased mainstream adoption and positive developments.