Bitcoin is a Ponzi Scheme, Says Former Israel Prime Minister Ehud BarakFormer Israeli Prime Minister
Ehud Barak praised blockchain as an important technology but thinks bitcoin is a Ponzi scheme that should be avoided.
Barak — who was prime minister from 1999 to 2001 — made the remarks at the Globes Most Promising Startups event in Tel Aviv, Israel.
Barak recently invested in, and became chairman of, the medical cannabis company InterCure Ltd. He was responding to a question about whether medical marijuana — like bitcoin — is a bubble. He said no.
Blockchain, Not Bitcoin“Blockchain itself is a mathematical technological concept and an interesting and important methodology,” the tech investor said. “Cryptocurrencies — bitcoin and all the others — that’s a Ponzi scheme.”
Barak said he doesn’t believe that “it’s possible to make a currency in this way in the current generation.” Accordingly, he will not invest in crypto. “I wouldn’t invest in anything that’s related to cryptocurrencies,” he said.
However, like many crypto skeptics, Barak thinks blockchain is a potentially game-changing innovation that could disrupt many different sectors, including business, healthcare, banking, and supply-chain management.
“Whoever has the patience and understands blockchain deeply can find a lot of uses for it, from keeping sensitive medical information through to contracts,” he noted.
Reference:
https://www.ccn.com/bitcoin-is-a-ponzi-scheme-says-former-israel-prime-minister-ehud-barak/