Israeli PM: Bitcoin Could Replace Banks

[audaciousbeing]

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?

I will have to disagree with the Prime Minister on this that bitcoin would replace banks not now, not later rather they would coexist. Also, I see them adopting the blockchain technology in their operations rather than adopting bitcoin as a currency it won't happen because of even factors that are beyond the banks themselves that goes to the foundation of our very existence.

I read an article by Accenture(a reputable consulting firm in the world) on blockchain and how it can be implemented by organizations in their operations this is where I see the cooperation and collaboration happening and nothing else.

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[d5000]

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.

Well, an earlier Vice-President of the US is actually a big Bitcoin fan: Al Gore. One of his speeches (in March 2013) was one of the events that fueled the 2013 rally:

The best part of his statement (source):

I think the fact that within the Bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool,

So he goes even further than Netanyahu - an algorithm replaces "the government"

But Al Gore wasn't in functions - he was already an activist, not really a politician anymore - in 2013 so Netanyahu may be another "first of his kind".

[kimochidesh]

Such a great news for BTC users. Israeli PM 'Benjamin Netanyahu' showed real courage to give an unbiased and realistic statement. This statement will definitely boost the confidence of Bitcoin enthusiasts.
But I think it will take some to stand BTC as a replacement for traditional bank or Traditional stock trading. But surely this is going to happen.

[Tantlizbat]

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.

Not only Israel but there is  many of the countries are afraid of its economy because bitcoin discourages banking system which also reduce the average tax collection from the people. Bitcoin improve the economy of a country but in its own way but the governments can't see it. A time will come when they will regret and will remove the ban from bitcoin because bitcoin and states both need each other.

[Mpamaegbu]

Well, I don't think that is true. No, not because the PM of Israel isn't an expert on cryptocurrency. But because nothing is ever going to replace the banking system. We will always need them. Bitcoin is a complex phenomenal that is mostly understood by the upward mobile youth and tech guys. Banks are understood and used by both the old and the young.

However, what happens is this. Bitcoin will do to banks what e-mail did to the postal agency. Simple! It will diminish its strength.

[CHENIEN]

For me, bitcoin cannot be use as replacement of banks. Bank is not a currency so therefore it cannot be replace by bitcoin. In many aspects or terms bitcoin is used as a currency and some banks are access bitcoin like real paper money. Many people change bitcoin into cash paper which the transaction widrawal is from the ATM bank. I don't believe that it would happen that bitcoin relace banks.

[fullhdpixel]

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?

In spite of constant conflicts and a series of Israeli laws that I do not agree on, we have to take the hat off for some things that they take ahead of us, very different from some countries that simply choose the evolutionary setback (an example of this happened this week in Brazil, a deputy presented a proposal in the chamber that provides for a six months imprisonment for those who commercialize btc or altcoin).

And in the not too distant future, banking systems will become totally obsolete and will need to adjust to new types of technology in order to survive.

[kaysersoze]

And i am glad to hear that it is now the time that we all are going to see this kind of newbies everyday, when is going to be the exact date in where bitcoin is going to be massive adopted? No one knows, but if the lightning network gets implemented, then there are huge chances to see banks accepting bitcoin or just talking about it.

[pugman]

Banks are financial backbones of an economy, how can bitcoin on its own over take banks which have been there since forever. Bitcoin is a currency, banks are institutions. There should be alternative for this and a backup sort of thing. You cannot let an entire economy's financial support rely on bitcoin, such volatility may somehow ruin the whole economy. I'm not being a pessimist here but the facts need to be laid out straight up. This idea seems to be absolutely ridiculous but it's not impossible that bitcoin cannot replace banks but the likelihood of such is too low.

[hualangktsld841]

It was appreciated by an influential leader to say such a word. Israel is an important part of the world, as everyone knows. Of course, there is a certain truth in such a word. Today's banks have too many functions, some functions are entirely for large financial conglomerates or government agencies. In the near future, I think banks should do more financial services and reduce financial functions.

[J Gambler]

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?

That I think is something that has scared governments and banks alike when it comes to the proposition that cryyptocurrency is on the rise and a lot of people are investing on it and gaining a whole lot of returns and profits more than what thy have on banks

[jseverson]

I don't think so. Banks don't just store cash, you know. They make their money by luring you in with interest and then loaning away your money for their profit. The first function can be replaced for sure, because you don't need third parties to secure your coins for you, but nothing's stopping them from still handing out loans. These guys will adapt, as they have during the internet revolution. I don't think there's any way of getting rid of them. But why would we have to? For as long as they're offering something of value, they're valuable to society.

[tonysitaly]

I look forward to the day that the banking industry disappeared. But it feels a bit distant or impossible to go. Our country's banks always charge high loan interest rates to small businesses, while people go to deposits without interest rates. I have a bank credit card. The annual interest rate is up to 18%. It's awful. I'm going to cancel this credit card.

[iamTom123]

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 also believe that banks will eventually survive because there are many business that a bank can go into. Here in my country, banks are accepting payments for anything aside from the usual deposit and loans. In fact, I would see banks to be adopting and innovating because of the threat coming from cryptocurrency so this can be good for all consumers at the end. The message for the banking industry is this: shape up or be shipped out. What is clear is that in its present form banks will become obsolete and so they should be listening to what the people really needs in order to survive and also be prosperous into the future. Coming from cryptocurrency, there will be some fierce competition and I can foresee banks cooperating with each other and also adopting the blockchain technology as a way to stay afloat and still grow into the future. In my own view, although the banking sector will really be disrupted, there is no need for a war between banks and cryptocurrency as both can be joining hands with the end-view of servicing better the people.

[eyesopen]

its a very big statement by the pm of isreal.

im not so sure banks will dissapear in the medium term but we shouldnt say never.

Blockchain technology is in its infancy now and is possible of replacing all that traditional banking does now.

[fiulpro]

I am shocked to see that some prime minister of a country is supporting bitcoins that too this nicely..
Statements made by a prime minister really means a lot, its possible offcourse because bitcoins are something that are going very strong right now.. but total replacement is impossible.. partial replacement can be taken into account but we cannot fully let the banks disappear since there are many things that bitcoins are unable to provide .
Also not everyone has access to the Bitcoins.

[ivrynx]

I think the prime minister is also investing in bitcoin and is seeing a huge opportunity that bitcoin can give not only for their state but for all. There is no doubt that bitcoin can replace banks, if you have been investing in bitcoin for a long, you are alrady acting like a bank, since you save your bitcoins in your wallet and can do transactions online, and what we save also increased s in value, just like gaining interests for banks,, even though we do not own a huge space and people do not come to us, technically we are our personal banks.

[Kingofbitcoin12345]

After this announcement by this Prime Minister there is a big possibility of a double numbers of investors of bitcoin in particular in that country.. This statement from a high ranking officials is the biggest news I’ve heard from a government officials.. I will not be surprised,, him being one who’s investing in cryptocurrency and that soon will be find out and I hope to have an update with that..

[patt0]

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.

To be honest I think that bitcoin can actually replace banks, if it ever manages to evolve as a currency. Meaning that it would get mass adoption, low volatility and low fees. Banks only need to ensure that cash transactions are secure and valid, and that no one is cheating. Bitcoin achieves that, in a much trustable way, so it has potencial to replace banks. Not saying it will happen, because even if it did, we would still be miles away from that point, since people are still wondering if BTC is a bubble or not. But in years from now, money will probably be used inside a blockchain or something similar.

[Happy Miner]

Such statements are no longer relevant. The price of bitcoin falls, most likely the era of expensive bitcoin is over. Now will be more popular, for example, the ether and bitcoin cache.