The Prime Minister of Israel  visited Paris and Brussels for a session with European Leaders, talking about various political matters including that of the recent decision made by President Trump calling for Jerusalem to be the capital of Israel. He outlined his plans for the stances that the current regime is taking in the conflict and mentioned some surprising thoughts on bitcoin.

Netanyahu requested that the European leaders recognize the facts of the historic decision and follow along with the decision to move their embassies from Tel Aviv to Jerusalem.

The prime minister said, “It’s time that the Palestinians recognize the Jewish states and also recognize the fact that it has a capital. It’s called Jerusalem.”

Prime Minister Benjamin Netanyahu continued to stress the importance of the peace initiative proposed by the United States and has been listening to the policy chief of the European Union, Frederica Mogherini, and considering her requests to involve the EU further in the Israeli Palestine talks.

The EU policy chief is also a proponent of the two-state solution and has stated the EU is also in favor of Jerusalem serving as the jointly shared capital for both parties, Israelis and Palestinians.

Netanyahu on Bitcoin

Yet, even as these historic happenings are taking place on the Israeli-Palestinian front, the Prime minister found time to voice his thoughts on another historic event, the rise of the virtual currencies. He talked about how bitcoin could be responsible for replacing banks over the course of the next few years.

The Prime minister talked about the rapid increase in the price of the virtual currency and hailed that as one of the signals for the currency being able to remove traditional financial institutions like banks from the equation.

A video posted to social media documents the PM talking about the different concepts surrounding bitcoin, what is happening in the sphere, and why believes that this innovation will eliminate banks.

In the video he asks a couple of head-scratching questions:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

He then delves into the purpose of banks in societies and the world, stressing that their current and primary role is in being able to provide a layer of security and trust between their customers, serving as party that offers accountability, warding off risks like fraud and theft. He didn’t go into a fundamental analysis on what will be involved in the end result of bank extinction but finalized by stating “the truth behind what I just said is what’s propelling bitcoin upwards.”

He also seems bearish on the rise of the virtual currency. He thinks that the price of the currency will continue to elevate but will have to stabilize or start decreasing at a certain point:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

It is necessary for prominent politicians like Prime Minister Netanyahu to understand the value that the virtual currency plays. It is important to understand the powerful potential of the new innovation and the sorts of changes that it can bring to the world.