Netanyahu: Cryptocurrencies spell end of banks

Benjamin Netanyahu Photo: Reuters

"Nothing can continue rising like bitcoin. It's impossible."

Prime Minister Benjamin Netanyahu is one of the first leaders to speak out about cryptographic currencies. He told reporters that the reason for using money was concern about fraud and various risks, and that intermediaries like banks were therefore necessary.

Asked whether he thought that private investors should invest in bitcoin, Netanyahu said that the question that should be asked was why money could not be sold, because it amounted to the same thing.

"The reason that you don't sell money is because of the risks, and so you use intermediaries who handle all of the risk, such as preventing theft and so forth, and that is the reason that they exist," Netanyahu said.

The same reporter then asked, "Will the banks disappear in the future?", and Netanyahu said, "The answer is yes. Will it happen tomorrow? Will it happen because of bitcoin? That is the question, but bitcoin is certainly pushing in that direction."

Reporters: Will the bitcoin rally continue?

Netanyahu: "Nothing can keep going up at this rate. It's impossible."

Published by Globes [online], Israel Business News - www.globes-online.com - on December 17, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Benjamin Netanyahu Photo: Reuters
Benjamin Netanyahu Photo: Reuters
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