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Ehud Barak served as Israel's prime minister from 1999 to 2001. These days he earns a lot of money as an investor and co-founder of startup companies in areas such as computer espionage and cannabis. However, it seems to think that investing in cryptocurrency is less legitimate.
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Cannabis is legitimate, bitcoin is not
The former prime minister was the keynote speaker of a launch event in Tel Aviv on Sunday, held by the local financial newspaper Globes. He recently became the president of a medical marijuana company, so he was naturally asked about the subject, which is the latest trend among Israeli equity investors. He acknowledged that there is much hype about cannabis investments but rejected the suggestion that the industry has the same bubble-like characteristics of the bitcoin market 2017.
"Blockchain is a technological-mathematical concept, an interesting and important method that will have many uses: coins – Bitcoin and others – are a Ponzi scheme, I do not think it will be possible to make a coin like this in the current generation and I will not invest in nothing related to cryptocurrencies, "said Barak. "Anyone who has patience and understands the depth of the blockchain will find many uses, from keeping sensitive medical information to contracts."
Using Crypto as a punching bag
Members of the Israeli technology scene were understandably disappointed to hear such cryptopophobic statements at a kick-off event.
"The encrypted market as a whole has become a punching bag, and these opinions, including the opinions of many companies in Israel, have become particularly popular in the context of strong fluctuations and devaluations in currencies recently," said Ophir Gertner, founder of Smartologic blockologin consulting company. "We see that now a regulation is needed, as the absence of financial supervision has given cryptocurrencies a negative reputation and has overshadowed the image of the blockchain internationally."
Barak was also asked during the launch event of his business relationship with the Saudi royal family. The Israeli media recently said it was approached a few years ago by representatives of the Saudi hereditary prince, Mohammed bin Salman, to help protect sensitive technologies. This is a hot topic right now, as Israeli cyber companies are accused of providing the spyware used by the Saudi government to monitor the communications of the assassinated Saudi journalist Jamal Khashoggi. The former premier replied stating that "there is no possibility that the cybernetic society I founded will sell technologies to dark regimes".
Is cryptocurrency less legitimate as an investment in cannabis? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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