[2017-12-15] Israel’s Pr. Minister Asks the Question: Can Bitcoin Destroy Banks?

[Terraformer]

On December 12, Prime Minister Benjamin Netanyahu openly commented on the future of banking, seen through a youtube video. He believes that blockchain technology will replace traditional banks as a result of bitcoin’s growth this year.

The video is one of the first instances where a world leader has openly addressed and commented on cryptocurrencies and the bitcoin. With governments and Central Banks around the world concerned over the unstable growth of digital currencies, Netanyahu, a prominent world leader, expresses his honest opinions on the future of banking.

The Prime Minister states in Hebrew:

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.

Israel, like many other countries, is currently under a digital currency craze. There have been local media reports of daily price changes and overnight millionaires. There are reports of people queuing outside Bitcoin ATMs in Tel Aviv.

Despite this frenzy, Prime Minister Benjamin Netanyahu, an MIT graduate and previously, an economic consultant for the Boston Consulting Group, understands the value in the blockchain, the underlying technology of cryptocurrency.

Continue reading > https://www.cryptocoinsnews.com/israels-prime-minister-believes-bitcoin-will-destroy-banks/

[aso118]

World leaders are slowly waking up to the potential of Bitcoin. Now the lobbyists will start their action, trying to ensure that the establishment is not affected. They will raise the traditional arguments- anonymity, use in money laundering, terrorist financing, etc. That is when I wonder if Bitcoin has grown too fast.

[MMostaza]

The same day that I read that the Israel Prime Minister makes that question I also read that Mexican authorities talk about ICOs being illegal and the risks of cryptocurrencies: https://www.cryptocoinsnews.com/mexican-authorities-call-icos-illegal-cryptocurrencies-risky/ . So, is not new that authorities are taking positions about cryptocurrencies, but maybe some of them are taking in more consideration than others.

I would like to open a debate asking: which real impact do you think will have on the Bitcoin world the position of Netanyahu? I believe is not a coincidence that he has bring up this hypothetical future situation.

[maxxdxx]

Not sure how I feel about this. But like all other politicians this guy knows how to get applause. Crypto can greatly reduce the scope of a banks day to day activities. I absolutely agree with that.

[Kprawn]

Bitcoin will not destroy Banks, but the technology will serve as a alternative for Banking services. You still need Banks for

loans and Bonds etc. Bitcoin is a currency/commodity and also a alternative payment option. Bitcoin will force Banks to change

some of their services. {for instance, fee structures for money transfers} They are already developing "private" Blockchain

technologies to compete with Bitcoin. {most of the improvements will improve their current outdated technologies and it

might become cheaper to do transactions or they will simply take these savings and give it to their shareholders} 

[Taki]

He is like a slow catch, banks are protesting and warning about bitcoin for around the year already, sines the time when bitcoin began to cost 800$. People really prefer now bitcoin for money holding, there is much higher income from such storage than any bank can't suggest. Banking system is falling apart and bitcoin just supports it.

[Proton2233]

World leaders are slowly waking up to the potential of Bitcoin. Now the lobbyists will start their action, trying to ensure that the establishment is not affected. They will raise the traditional arguments- anonymity, use in money laundering, terrorist financing, etc. That is when I wonder if Bitcoin has grown too fast.

The world financial system was built by Jews from the United States. Israel and the US has always been strategic partners. They are not interested in the problems of taxation and anonymity of bitcoin. They are concerned about the ability of the existing banking system to resist bitcoin. This is the main reason why these countries will lobby for a worldwide ban of bitcoin.