Bitcoin May Lead To The Disappearance Of Banks
Israeli Prime Minister Benjamin Netanyahu has ascribed bitcoin’s recent meteoric appreciation to the eventual but inevitable obsolescence of banks. In a related development, Russian Presidential Candidate Boros Titov is trying to ride on Bitcoin popularity by announcing that he would make Bitcoin a legal affair once made the President. In contrast to this, Promoters are perpetuating a massive scam of the highest order on everyone”, said the Wolf of the Wall Street Jordan Belfort terming Bitcoin and ICOs as the biggest scams ever.
In Tel Aviv, there seems to be a gold rush to the closest Bitcoin location, where people are waiting in line to invest in the digital currency. Bitcoin is the most popular of cryptocurrencies, and is defined as a peer to peer electronic cash system.” The appeal of bitcoin is the software it sits on, called the blockchain, which allows two parties who might not trust each other, to complete a transaction securely.
The Israeli monetary press is also concentrating on bitcoin as almost everything crypto-relevant brings in clicks and viewers these days. The greatest story at the second is the issue of a Tel Aviv Stock Exchange listed gold company switching to bitcoin mining. Its stock cost jumped 3,750% ahead of the regulator came out from it An additional story at this time in the headlines in this context is that of neighborhood cryptocurrency developer Colu boosting $14.5 million from Israel’s greatest holding organization IDB Enhancement Company. The Israeli regulator is also predicted to announce a welcoming legal framework for ICOs by the close of the month.
In a similar case last year, Bits of Gold vs. Leumi , the Tel Aviv District Court ruled that a bank can refuse to work with a bitcoin exchange. The report suggests that by focusing on the issue of the banks operating as a cartel, the company might persuade the court that they should not have the collective power to prevent the growth of a new industry.
Derivative contracts could help. CBOE Holdings, the owner of the Chicago Board Options Exchange, announced in August that it plans to introduce bitcoin futures this year or next. That could help traders hedge positions. Banks are also exploring creating derivatives and using bitcoin in international trade finance to avoid exchanging currencies, Pierron said.