Israel's Prime Minister: Banks Disappearing in Bitcoin's Shadow

December 16, 2017

Israel's Prime Minister: Banks Disappearing in Bitcoin's Shadow

Against the background of Bitcoin's cost growing rapidly, the cryptocurrency has become the object of constant condemnation by the media. Numerous politicians, economists and "experts of the financial market" often converge in the common opinion that Bitcoin is nothing more than a "bubble". However, sometimes there appear people who have a different opinion. One of them is Israeli Prime Minister Benjamin Netanyahu.

Being interviewed by reporters, Netanyahu was asked to advise on investing in Bitcoin:

"First I want to ask you why you cannot sell your money? The very reluctance to sell it can probably be explained by the fact that you are worried about risks from the outside, such as theft, for example. That's why there exist banks. But haven't they already outlived themselves? Are they not doomed to speedy disappearance? Yes. Definitely, yes, because now alongside with them there is Bitcoin. And the truth is that it is the fact of the nearest fall of the entire current banking system that makes Bitcoin even more expensive. Moreover, see that there are no signs that the collapse will not happen, it is impossible to prevent. "

One should note that this opinion is also expressed by the well-known investor in the cryptocurrency sector Mike Novogratz. In his view, cryptocurrencies will change the established norms of the banking industry forever by simply "destroying" them.

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