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Former Israeli prime minister believes in blockchain, but not cryptos

Israeli former prime minister and startup investors stated his stance towards cryptocurrency in a startup event in the country.

The year is about to end in less than a month and it appears like there won’t be any celebrations coming from crypto enthusiasts with what it seems like a never ending bear cycle.

And as if the agony of crypto enthusiasts is not enough, they still have to hear another renowned figure’s scoff on cryptocurrency.

Israeli former prime minister turned to startup investors, Ehud Barak clearly stated his stance towards cryptocurrency when he said that Bitcoin and cryptos are nothing but a Ponzi Scheme.

Having been active in the startup space in the country, Barak hasn’t made any comments about cryptocurrency, until recently in a startup event, where he’s appointed as a keynote speaker.

He admitted that blockchain is an interesting and important technological-mathematical concept that has many uses, such as holding sensitive medical information to contracts, as reported by The CCpress.

However, when it comes to cryptocurrency, he said, “The coins — Bitcoin and others — is a Ponzi scheme.” He added further, “I do not believe that it will be possible to make a coin like this in the current generation and I will not invest in anything related to cryptocurrencies.”

With Barak’s public figure status, his statements are taken pretty seriously by many people, particularly those from the crypto community in the country. 

Ophir Gertner, the founder of blockchain advisory company, Smartologic, issued a statement responding to Barak’s comment on crypto that said, “The crypto market as a whole has become a punching bag. Such opinions [Barak’s opinions], including the views of many companies in Israel, have become especially popular against the backdrop of the sharp fluctuations and devaluations in the currencies recently.”

Regardless of the comments from the opponents of crypto like Barak, the Israeli government is actually quite supportive towards the crypto industry in the country.

Crypto startups and communities are blooming in Israel, in fact, Tel Aviv is considered as one of the most crypto-friendly cities in the world by Investopedia.

Read more: 

Israel’s first crypto investment fund aims to manage $50m by the end of 2018

Bank of Israel releases report on digital currencies

“No fiat no worries” while traveling to these 10 cities

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