Bitcoin [BTC] market similar to medical marijuana market, opines Israel’s former prime minister


At an event called Most Promising Startups held in Tel Aviv last Sunday, Ehud Barak, a former prime minister of Israel, shared his views on Bitcoin and blockchain. Globes, a local daily financial newspaper, reported that while the former leader believes in the blockchain technology, he holds the opinion that Bitcoin [BTC] and other cryptocurrencies are Ponzi schemes. In his words:

“Blockchain itself is a mathematical technological concept and an interesting and important methodology. The cryptocurrencies, Bitcoin and all the others, that’s a Ponzi scheme. I don’t believe that it’s possible to make a currency in this way in the current generation, and I wouldn’t invest in anything that’s related to cryptocurrencies.”

The topic came up when he was asked if medical marijuana was a bubble like Bitcoin. Barak continued to state that recently, many cannabis companies have been listed on the Nasdaq exchange creating much buzz around the matter.

However, according to him, medical marijuana is much more serious than Cannabis for recreation wherein the industry will undergo regulation. He also explained that his country is a significant hub for the know-how of medical Cannabis. Here, he mentioned:

“…and the small company that I head InterCure has distributed 500,000 dosages to thousands of patients for whom it is more valuable than gold.”

A few months ago, multiple market analysts and investors speculated that the fate of Cannabis might be painted in similar ways as that of the cryptocurrency market, Bitcoin in specific. These opinions emerged with the onset of the 1,000% surge observed in Tilray’s stocks. It is a pharmaceutical company that works for the development of Cannabis-based products.

On the market front of Bitcoin, it has been observed that the coin has been stuck in the bear zone for a while now. Recently, BTC broke below an unbelievable level of $4,000, where its market cap was wiped out by a huge figure. This also affected the tokens placed beneath Bitcoin, painting all the cryptocurrencies a crimson red.

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