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While most of the world governments' reactions to the Bitcoin range from suspicious apprehension to outright hostility, and countless figures in the financial industry have predicted its imminent demise, Israeli Prime Minister Benjamin Netanyahu has a different opinion about the situation. According to the head of state, it is the banks that will become obsolete, and Bitcoin could be the reason.
In a video posted on YouTube, Netanyahu is seen talking to journalists in Knesset, one of whom asks about Bitcoin. In response, the prime minister insinuates that there may be a link between the growing popularity of Bitcoin and the decline in the importance and relevance of traditional banks.
https://www.youtube.com/watch?v=bjDN-W5-Mmg
Speaking about the role of banks, Netanyahu points out that their purpose is to act as "intermediaries" that prevent risks and help prevent theft. However, it suggests that they may soon become obsolete. In this sense, he affirms:
Is it the fate of banks to eventually disappear? If the answer is yes. Does it have to happen tomorrow? And do we have to do it through Bitcoin? That is a good question.
While the Israeli minister does not delve into the details, it is possible that Netanyahu insinuates the fact that cryptocurrencies supported by the Blockchain technology are decentralized in nature, providing secure and direct transactions between parties, and eliminating the need for intermediaries, and ensuring the anonymity: all the characteristics that traditional banking lacks.
Although the prime minister did not make a concrete statement about the possible role of Bitcoin in the obsolescence of the banks, he affirms that his statements would boost the price of Bitcoin. In addition, it continues to predict a correction in the prices of the cryptocurrency, since it believes that it is impossible for it to continue growing excessively.
The rise of Bitcoin has been meteoric in recent months, with the cryptocurrency breaking new records in a matter of days and even hours. Bitcoin started this month around US $ 9,000, before reaching the US $ 18,000 milestone on December 8.
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