Cryptocurrencies spell the end of banks, says Netanyahu

Prime Minister Benjamin Netanyahu is one of the first leaders to speak out about cryptocurrencies. The reason for using money is concern about fraud and various risks, and therefore intermediaries such as banks are necessary, he told reporters.

Asked whether private investors should invest in bitcoin, Netanyahu said the question that should be asked is why money could not be sold, because it amounted to the same thing.

“The reason you don’t sell money is because of the risks, and so you use intermediaries who handle all of the risk, such as preventing theft and so forth, and that is the reason they exist,” he said.

Asked whether the banks will disappear in the future, Netanyahu said: “The answer is yes. Will it happen tomorrow? Will it happen because of bitcoin? That is the question. But bitcoin is certainly pushing in that direction.”

Asked whether the bitcoin rally will continue, he said: “Nothing can keep going up at this rate. It’s impossible.”