In a video released on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu asserted that the operation of traditional banks would eventually become obsolete and could be replaced by Bitcoin. He based his claim on the impassive nature of Blockchain technology and the continued and significant growth of Bitcoin this year.

In the video, Netanyahu said confidently that the banks will eventually become outmoded and will be replaced, but when and by what? remains to be seen:

"Will the fate of the banks finally disappear?" Yes, the answer is "yes", does it have to happen tomorrow, and do we need it to do via Bitcoin? C & # 39; is a question mark. "

The Israeli head of state also spoke about the role of banks, explaining that they have been 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, to the detriment of the parties to the transaction.

Blockchain, the underlying technology of cryptocurrency directly transacting. Decentralized technology itself, rather than a centralized institution, ensures that transactions between people are valid and secure.

Netanyahu recognizes the importance of Bitcoin

"The truth behind what I just said"

However, the Prime Minister also expressed doubts about Bitcoin's ability to continue growing at such an astonishing rate, stating: