In a YouTube video released on Tuesday , Israeli Prime Minister Benjamin Netanyahu said the operation of traditional banks would become disused and could be replaced by Bitcoin. He based his claim on the unsecured nature of Blockchain technology and the continued and remarkable growth of Bitcoin this year.
The Israeli head of state also discussed the role of banks, explaining that they were created and continue to exist to ensure the validity and security of transactions between the two parties. Banks, not to mention governments, continue to control how money is spent and continue to benefit from this control, at the detriment of the parties involved in the transaction.
Netanyahu recognizes the importance of Blockchain and Bitcoin;
Blockchain, the underlying technology of cryptocurrency, allows people to deal directly. Decentralized technology itself, rather than a centralized institution, ensures that transactions between people are valid and secure.