The 2019 Israel Bitcoin Summit in Bittax ended after hosting high-profile guests and more than a thousand other blockchain fans from around the world. Held at Tel Aviv University, the blockchain summit marked the biggest industry event in Israel to date, and participants took note of the fact that key advocates of technology and its traditional regulatory counterparts have spoken of the importance of find common ground.
Offering their thoughts on the direction of cryptocurrencies in the future, experts such as Nick Szabo and David Chaum have illuminated the audience with their opinions on technological solutions, but also on its shortcomings.
This last was represented by influential names including Avi Simhon – an orator of the event that also serves as the head of the Israeli National Council and the main economic aid to the Prime Minister. Simhon's message was hard and widely contained in a few words. "Crypto is crap," said Simhon, referring to the negative trends in the industry as the excessive energy consumption of Bitcoin. Because of its inherent inefficiency, he argued, the cryptocurrency grandfather would soon be extinct.
These comments were mitigated by speakers from the main group of cryptocurrency supporters like David Chaum, who responded to the regulator's demands to moderate innovations. Chaum also highlighted the central role Israel would play in the future of cryptocurrency. "Israel is a key market for the growth and development of blockchain, and I am excited to see the many intriguing use cases for blockchains that will emerge from Israel in the future," he noted.
Expectations for the upward trajectory of the cryptocurrency were palpable during the summit and encouraged by other big names like Nick Szabo. Szabo is one of the most valued people in the cryptocurrency arena and, in line with the theme of the event, has praised the potential of cryptocurrency by demonstrating how it can be used to integrate existing financial systems.
"There will be some situations where a central bank can not trust a central bank or a foreign government with its bonds, for example," he said. Confidence in cryptocurrency is increasing, which could be a reason why these tools are seen as safe haven assets in countries that have exhibited poor results in terms of managing their FIAT-based financial systems.
Gidi Bar-Zakay, CEO of the leading cryptographic platform Bittax, considers the present as a crucial moment for cryptocurrency, which indicates that the best way to evolve is to work closely with regulatory officials and improve collaboration to motivate innovation in a compliant and synchronized way.
"The cryptocurrency market is critical: today regulators in each country are trying to understand how crypto and blockchain systems can coexist and interact with their currencies and exchanges," said Bar-Zakay. "As a prominent figure in the" system ", I believe that only by bringing the" founding fathers "of the blockchain on the table with the regulators, can we bridge the gap in a way that puts all stakeholders in a position of successful enjoyment." Israel's biggest blockchain conference so far, Bar-Zakay's actions echo its perspective on industry and its future potential, not only in terms of technological progress but also at a more local level for innovators and entrepreneurs.