Ehud Barak: Cryptocurrencies are a Ponzi scheme

Ehud Barak and Naama Sikuler Photo: Eyal Izhar

The former prime minister was speaking to "Globes" editor-in-chief Na'ama Sikuler at Globes Most Promising Startups event today in Tel Aviv.

Former Israeli Prime Minister and high-tech investor Ehud Barak has recently invested in medical cannabis company InterCure Ltd. (TASE: INCR-L) and become its chairman. Speaking at Globes Most Promising Startups event today in Tel Aviv, "Globes" editor-in-chief Na'ama Sikuler asked him if medical cannabis, like bitcoin, is something of a bubble.

He said, "Blockchain itself is a mathematical technological concept and an interesting and important methodology. The cryptocurrencies, bitcoin and all the others, that's a Ponzi scheme. I don't believe that it's possible to make a currency in this way in the current generation, and I wouldn't invest in anything that's related to cryptocurrencies. Whoever has got the patience and understands blockchain deeply, can find a lot of uses for it, from keeping sensitive medical information through to contracts.

Barak continued, "There is certainly hype and buzz surrounding cannabis and that's mainly to do with several companies that listed several months ago for trading on Nasdaq. They don't sell anything, all of them are losing money and the amount that they are producing is ridiculous but it's a rare opportunity that has been created today. I'm not talking about use for leisure, that will undergo commercialization in a few months, but that's a short, passing wave. Medical cannabis is much more serious and Israel is a very important center of knowhow, and the small company that I head InterCure has distributed 500,000 dosages to thousands of patients for whom it is more valuable than gold."

Published by Globes, Israel business news - en.globes.co.il - on December 2, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Ehud Barak and Naama Sikuler Photo: Eyal Izhar
Ehud Barak and Naama Sikuler Photo: Eyal Izhar
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