Ex-PM of Israel, Ehud Barak: “Cryptocurrencies are a Ponzi Scam”
Israel’s former prime minister speaking at a startup event for ‘Globes’ said, “there is no chance my cyber company will sell to dark regimes.”
Former Israeli Prime Minister Ehud Barak recently became the chairman of medical cannabis company InterCure Ltd, and when asked at a Globes event, whether investing in the drug was comparable to the Bitcoin mania of last year.
Barak told the audience: “Blockchain is a technological-mathematical concept, an interesting and important method, and one that will have many uses. Bitcoin and cryptocurrencies is a Ponzi scheme. I do not believe that it will be possible to make a coin like this and I will not invest in cryptocurrencies.”
He continued: “Anyone who has patience and understands the depth of blockchain will find many uses, from holding sensitive medical information to smart contracts.”
Ophir Gertner, Founder of Smartologic, said: “The Crypto market as a whole has become a punching bag. Such 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. We see that regulation is now required, as the absence of financial supervision has given cryptocurrencies a negative reputation and tarnished blockchain’s image internationally.”
Ehud Barak is an Israeli politician who served as the tenth Prime Minister from 1999 to 2001. He was the leader of the Labor Party until January 2011. The former PM has previously been Minister of Defense and Deputy Prime Minister in Benjamin Netanyahu’s second-term government from 2009 to 2013. Barak first became involved in high-tech when he joined the SCP investment fund in 2004. Toka, the first company he co-founded raised $ 12.5 million in two months after establishing.