Israeli PM: Bitcoin Could Replace Banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin.

He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

The head of the Israeli state also spoke about the role of banks, explaining that they were created and continue to exist to ensure that transactions between two parties are valid and secure.

Banks, not to mention governments, continue to control how money is spent and continue to benefit from that control, at the cost of the transacting parties.