The 2019 Israel Bitcoin Summit by Bittax hosted more than a thousand blockchain enthusiasts from around the globe last week, marking the biggest industry event in Israel to date. Offering their thoughts on the direction for cryptocurrencies in the future, experts such as Nick Szabo and David Chaum shared with the audience their views towards the technology’s solutions, while others spoke of its shortcomings.
Avi Simhon, who serves as the head of Israel’s National Council and top economic aide to the Prime Minister, claimed Bitcoin is intrinsically inefficient, predicting that the cryptocurrency will therefore disappear. These comments were tempered by keynote speakers from the core group of cryptocurrency supporters such as David Chaum, who countered regulator calls for restraint with innovations. Chaum also highlighted the central role that Israel would play in the future of cryptocurrency. "Israel is a key market in blockchain's growth and development, and I'm excited to see the many intriguing use cases for blockchain which will emerge from Israel in the future," he remarked.
Expectations for cryptocurrency’s upwards trajectory were palpable during the summit and fostered by other big names like Nick Szabo. Szabo is one of the most highly regarded individuals in the cryptocurrency arena and in keeping with the event’s theme, praised the potential of cryptocurrency by demonstrating how it can be used to complement existing financial systems. "There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds for example," he said.
Gidi Bar-Zakay, the CEO of leading cryptotax platform Bittax, believes these are pivotal times for crypto, indicating that the best way to evolve is to work side-by-side with regulatory officials and improve collaboration to motivate innovation in a compliant, synchronized manner. "The cryptocurrency market is at a critical turning point. Today, the regulators of each country are figuring out how the crypto and blockchain systems can coexist and interact with their own currencies and exchanges," said Bar-Zakay. "As a former leading figure in ‘the system,’ I believe that only by bringing ‘the founding fathers’ of blockchain to the table together with the regulators, can we bridge the gap in a way that puts all stakeholders in a position to enjoy success."