Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’

Ehud Barak served as the prime minister of Israel from 1999 to 2001. These days he makes a lot of money as an investor and co-founder of startup companies in such fields as cyber espionage and cannabis. However, he seems to think that investing in cryptocurrency is less legitimate.

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Cannabis Is Legit, Bitcoin Is Not

The former prime minister was the keynote speaker at a startup event in Tel Aviv on Sunday, held by the local financial newspaper Globes. He recently became the chairman of a medical marijuana company, so he was naturally asked about the subject, which is the latest hot trend among Israeli stock investors. He acknowledged that there is a lot of hype around cannabis investments but rebuffed the suggestion that the industry has the same bubble-like characteristics of the 2017 bitcoin market.

“Blockchain is a technological-mathematical concept, an interesting and important method, and one that will have many uses. The coins — Bitcoin and others — is a Ponzi scheme. I do not believe that it will be possible to make a coin like this in the current generation and