Israeli PM: Bitcoin Could Replace Banks

[Don Pedro Dinero]

I think this is the first time a PM makes such a statement.

https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”

However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything.

We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that.

What do you think about?

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[Baofeng]

Well if he issues this statement really, then this is a bold move coming from a leader who's nation is very controversial. But I have to disagree with him. Crypto will not make banks obsolete. It can't. What I'm seeing is that banks will not to appreciate bitcoin, but will be very interested behind the technology, - Blockchain.

And I think he also see's bitcoin as bubble. Everyone is really thinking the same. Bubble or not. Bitcoin is really here to stay for good. Specially that lots of institutional firms are getting into the act of accepting and offering bitcoin future contracts that solidifies bitcoin or crypto staying power in the public.

[PMmesexycoins]

The concept of distributed ledger could replace current banks for what payment processor goes. Banks do other things than that, so they would still stick around.

[777asianinvasian]

The concept of distributed ledger could replace current banks for what payment processor goes. Banks do other things than that, so they would still stick around.

They will stick around too I believe but I think their role in the future will be more limited and not involve our everyday lives as much as they do now. You see people pay bills at the bank, have mortgages through the bank, and all other type of investments. I think they will purely become an investment tool in the future and nobody will really have much funds there other than to invest because I think that is all they will be good for.

[Hydrogen]

Netanyahu's comments could reflect politics more than economics. There's a question of how anti israel campaigns are funded. Worldwide there are many professors teaching at universities and others in positions of authority who push anti israel propaganda. There's a massive campaign against israel and some say this campaign is funded by bankers. Netanyahu must recognize this on some level and so his comments on banks needing to be removed might better be put into perspective.

Netanyahu being a politician(and a former special forces commando), I doubt he knows much about bitcoin in terms of exposition or details. Most politicians trend towards being computer illiterates. They know absolutely nothing about computers or digital currencies, which can make things hard when it comes time to pass laws regarding those things.

[Omega Weapon]

I think this is the first time a PM makes such a statement.

https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”

However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything.

We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that.

What do you think about?

He is not an expert on the subject, while my first reaction will be to be happy about this comment at the same time i cannot forget that every time I hear bad reviews of bitcoin by people that are not experts I tend to disregard them, if he really thinks that bitcoin is going to replace the banks then he could establish policies that help its country to reach that goal.

[Surfing_Pirate]

Banks have an immense regulatory in-road and public presence. If the normal user has no idea how to interact with cryptocurrency then there's a nil chance banks would become obsolete.

[mrcash02]

Well, that is the most friendly statement about Bitcoin and Crypto Currency I have heared until now from a head of state. Good that Netanyahu knows the future belongs to Crypto Currency and not banks anymore, at least the protagonism. The enemies of Israel dominate the currently financial system, so he has nothing to lose by endorsing Bitcoins. But it's a volatile camp, what is today couldn't be tomorrow... So nothing concrete was said yet, we can have only good expectations from his statement, nothing more.

[Awan Awan]

Bitcoin is very popular and will be more popular in future. As we know we save, keep amd holding money as investment in bitcoin.
Inbthis case, i am not sure bitcoin can replace bank as place we can save money. Bank is still important company to secure our money.

[JavaLove]

For me this is just hype. Explain to your grand-mother how to put his saving on bitcoin and what is that. Or to 80-90% of people in general. We are far far away from this point.

[LeGaulois]

There are some things that he forgot to consider (lack of knowledge?) but we do it as well. While it may be true that in near future banks become obsolete, they can adapt to the evolution and start to accepting to use bitcoin (why not?) Banks have been good enough to adopt technologies and started to offer debits cards, and before that, cheques bank.

As well, they can adapt the blockchain technology to the traditional system as we know it, it can help the banks to reduce some costs. And this is what we have more chances to see. Perhaps each banks having their own crypto

[bambazamba]

Really waiting for such news from a long time, but I think Israeli PM just got overexcited in stating the statement that bitcoin might replace banks. I know bitcoin is very powerful but not as powerful as banks, sometimes PM make such announcement to gain public faith nothing else. Integrating bitcoin completely into the system can lead to financial imbalance of the country. I think he just confused blockchain technology with bitcoin as blockchain holds the power to create revolution in banks but for bitcoin, it is quite difficult.

[xdrpx]

It's good to know that the parties running the centralized body (by this I mean the President himself) are finally fearing a replacement to occur for traditional banking institutions. I for certain am not sure if Bitcoins will be the one to do it, but there's no saying what could happen.

Just a thing I had in my mind about “There’s nothing like this, that will continue rising at this rate, it can’t happen.". There need not be anything like Bitcoin, we're looking at exponential growth and adoption and people are eyeing on Bitcoins as a long term storage kind of like the digital gold for millennials. I believe Bitcoin was created with the purpose of having people control their own funds and not to rely on a centralized body. I'm sure the President of Israel here will not be the only one losing their sleep over Bitcoins.

[shezu007]

It's good to know that the parties running the centralized body (by this I mean the President himself) are finally fearing a replacement to occur for traditional banking institutions. I for certain am not sure if Bitcoins will be the one to do it, but there's no saying what could happen.

Just a thing I had in my mind about “There’s nothing like this, that will continue rising at this rate, it can’t happen.". There need not be anything like Bitcoin, we're looking at exponential growth and adoption and people are eyeing on Bitcoins as a long term storage kind of like the digital gold for millennials. I believe Bitcoin was created with the purpose of having people control their own funds and not to rely on a centralized body. I'm sure the President of Israel here will not be the only one losing their sleep over Bitcoins.

from that news we can assume that the strong countries like Israel are also thinking about the legalization of the bitcoin, because for the replacement of the banks it is very needy that first the bitcoin become a legal in that country. And it will be a very good step toward the success of a country trade that make the bitcoin legal and after that bitcoin will replace the Banks.

[dothebeats]

This is huge. One of the many leaders of the world releasing a positive statement about bitcoin is absolutely empowering and somehow comforting to know. I agree that in some aspects bitcoin would replace the banks in the future, but completely replacing banks is an overstatement, thinking that there are no central entity controlling bitcoin that could handle loans and other banks stuffs aside from payment processing. The distributed ledger of bitcoin is a powerful tool that most corporations and financial entities are eyeing, and this could be overhauling the banks' system on handling things.

For me this is just hype. Explain to your grand-mother how to put his saving on bitcoin and what is that. Or to 80-90% of people in general. We are far far away from this point.

Why would I explain it to my grandmother who would certainly not be able to live long enough to witness these events unfolding in the near future? Also back then, there are no such thing as debit and credit cards: everything was manually deposited and withdrawn using a passbook and/or cheques. People will adapt and only time will tell.

[1NV3ST0NM3]

I think this is the first time a PM makes such a statement.

https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”

However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything.

We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that.

What do you think about?

Wow! he surely isn't one of the biggest leaders of the world but surely PM of Israel giving such statement could increase people's confidence upon it. Traditional banking system is obsolete and it needs some replacement for sure. Blockchain surely gives out the best answer as it favours none. What you will be shown in a block would be real nothing fictitious like the banks generally do.

[pereira4]

He claims Bitcoin cannot be growing at current rates, I think it is nothing but necessary that Bitcoin keeps growing at current rates, if it's supposed to reach $1 million during the next decade. Exponential growth should put us at 6 figures at the early of the next decade, so we need to keep growing. Don't forget Bitcoin is incredibly tiny if you compare it to the vastness of wealth out there. When you take a step backwards and look at the big picture... why is it not possible that we continue hitting new all time highs every month and how is it not sustainable? as long as there are shakedowns to get rid of weak hands, growth can continue happening, and that is what we've been seeing.

[aoihs00]

Wow different countries different people and really really modern thinking in the first place. I like it when someone takes the things very positive way when the whole world is against it. I mean a PM addressing to his country about the modern stuff like bitcoin in positive way does look very good. In my country my PM is saying to restrict the crypto currency as whole and anyone using will be punished accordingly. To be honest this is just to hide the country's advances to accept the reality or more advance tech than what they can afford currently. Hope that thinking of every country will change like this and they will start using the crypto currency as straight forward currency and nothing else. :-)

[stompix]

Yeah banks will disappear and will be replaced by web wallets.
tomayto, tomahto

But I suspect he has some kind of plan regarding bitcoin, or at least an idea as I consider him a bit smarter than the average PM nowadays.
After all Israel had a plan to eliminate cash in a decade so a crypto would fit perfectly

If he really said that he probably is preparing something behind the curtains but I can't really even imagine what it is.

[splat44]

The concept of distributed ledger could replace current banks for what payment processor goes. Banks do other things than that, so they would still stick around.

I think, Behind of all Cryptocurrency which is blockchain that will replace the banks in terms of transactions. and i really believe in any other currency that has a lot of transactions bitcoin has a big impact in the economy. so BItcoin will replace any other currency while blockchain will replace the banks