Bitcoin Boom may Threaten Banks’ Existence- Israeli Prime Minister Netanyahu

Bitcoin Boom may Threaten Banks’ Existence- Israeli Prime Minister Netanyahu

While some world leaders around the world are silent about bitcoin frenzy, Israeli Prime Minister Benjamin Netanyahu is not. He’s one of the latest leaders to speak out about bitcoin boom, which has dominated the digital currency over the last 365 days, 2017 being the most hottest.

Netanyahu in a recent Question & Answer at the Israeli parliament’s diner, said, “So first of all, why can’t you also sell money? Why not? It’s the same. The reason you can’t sell money is that you are very worried and want a mediating party to handle the risks. Prevent theft, all that stuff.

“That’s why banks exists. Are banks doomed to eventually disappear? The answer is yes! Should this be done tomorrow and should it be done via bitcoin? That is a question. But the truth is that what I just said is what propelling bitcoin upward,” when he was asked for his advice whether an individual should invest in bitcoin or not.”

Will Bitcoin boom continue?

Netanyahu says he doesn’t believe that the rising in bitcoin could continue, “Nothing exists that can continue at this pace, it’s not possible,” he said.

Netanyahu was an economic consultant for the Boston Consulting Group before his political sojourn. He’s an MIT graduate.

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Israeli has joined the likes of South Korea, United Kingdom, United States, Australia and many more where bitcoin has become such a hot and trending news in the local media.

The biggest story at the moment in Israel according to news.bitcoin is the issue of a Tel Aviv Stock Exchange listed gold company switching to bitcoin mining. Its stock price jumped 3,750% before the regulator came out against it.

Digital coins frenzy continues as a local cryptocurrency developer Colu is raising $14.5 million from Israel’s largest holding company IDB Development Corporation.

Just like other countries that have stepped in to make laws aimed at regulating digital currency and ICOs, Israeli is coming up with a legal framework as well for ICOs before the end of 2018.

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