Ex. Israeli Prime Minister Labels Bitcoin A Ponzi Scheme



Last Updated: December 7, 2018 at 11:31 AM EST
Bitcoin is Ponzi

Most governments and its leaders have not hidden their disdain about cryptocurrencies, warning it’s citizens about putting their finances into the cryptocurrencies.

Ehud Barak, former Israeli Prime minister openly debased cryptocurrencies calling digital tokens like bitcoin a Ponzi scheme, stating that he would not invest into anything related to cryptocurrencies.

Surprisingly he spared Blockchain, mentioning that the open ledger technology is an interesting and important methodology that people with adequate knowledge could use it in various ways.

Huge Potentials In Crypto

Israel’s rapidly crept up the chain of crypto-friendly countries, despite its size the country has become a hub in the cryptocurrency space as crypto experts are of the opinion that it had the potentials to become an attractive place to set up crypto businesses.

According to Bloomberg, Silver Castle, the country’s first dedicated crypto company after launching two funds last month aims to earn $50million under its management by the end of the year.

Kin, an Israeli crypto subsidiary of Kik Interactive Inc., earlier this year in March raised huge funding of $98 million through an initial coin offering in September last year.

The Prime Minister’s Interest In Crypto

Presently the country’s Prime minister Benjamin Netanyahu openly expressed his enthusiasm about cryptocurrency. Last year, he said that banks could fade off due to the influence of bitcoin. The crypto community of the region enjoyed support from the members of the Israeli Knesset at the start of 2018 asking regulators to submit their recommendations for applicable cryptocurrency regulations within a 45-day period.

Also, Mk Moshe Gafni had urged Israeli crypto representatives to submit details on the types of regulations they would want.