According to Claire Ingram Bogusz, a researcher at Stockholm School of Economics, Sweden is already the second largest fintech centre in Europe, with venture capital firms, practical policies, and startup accelerators in place. Investors in the Swedish fintech market have started to shift to the local bitcoin market, which has seen an rapid increase since the beginning of 2016.
Sweden is among the leaders in the global bitcoin market. There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space. We may not be the size of Hong Kong or London, but it’s hard to find that level of digital competence in other financial centres.
Claire Ingram Bogusz
Researcher, Stockholm School of Economics
Furthermore, a large number of bitcoin miners have started to move to Sweden, due to its cold climate that ensures a cool environment for bitcoin miners and low-cost hydroelectric power.
Another region with cheap electricity and cold climate is the region of Northeastern China. However, Chinese miners have already started to consider relocating to other regions given the uncertainty of the Chinese bitcoin and cryptocurrency markets.
Sweden has cheap electricity and cold climate that is necessary to operate mining pools, but unlike China Sweden has friendly regulatory frameworks which allow bitcoin miners to operate more efficiently, without having to deal with restrictions from local authorities.