'Bibicoin will destroy Israel': Eisenkot slams Netanyahu's crypto plan for alternative funding

Eisenkot's campaign video claimed that the alternative system would generate "an economy like North Korea and Iran," and result in "the end of high-tech, the end of healthcare, the end of security."

Yashar party chairman Gadi Eisenkot reacted to Prime Minister Benjamin Netanyahu's plan for Israel to make use of alternative financial mechanisms, releasing a campaign video on X/Twitter on Saturday in which the former IDF chief described the plan as an admission that the prime minister had economically "destroyed the country."

"All of our money is at risk," the campaign video said, showing Netanyahu in his earlier Channel 10 interview saying that Israel must "prepare for an alternative economy" amid the myriad of international sanctions facing the country.

The video emphasized the point made by Netanyahu regarding blockchain technology, with the prime minister acknowledging that such digital finances would "certainly" be a portion of his plan.

"I’ve already asked for a plan to be prepared for that,” Netanyahu added during the interview.

Eisenkot's campaign video referred to the plan as "Bibicoin," concluding that such a finance mechanism would "destroy Israel."

Eisenkot campaign: Plan would generate 'economy like North Korea and Iran'

The campaign video further claimed that the alternative system would generate "an economy like North Korea and Iran," noting that it would result in "the end of high-tech, the end of healthcare, the end of security."

"We must not let him (Netanyahu) burn through our savings," it said, questioning how the global high-tech industry could invest in Israeli companies if digital currency were the only method.

Eisenkot also addressed Netanyahu's alternative economy plan in a separate X post, delivered this time as a personal message.

"Netanyahu himself admits that the policy he's leading and wants to lead Israel toward will result in international isolation and economic sanctions that will shake the economy and the market," wrote Eisenkot. "This will be the collapse of our national security."

Bank of Israel responds to Netanyahu's blockchain plan

Also on Saturday, the Bank of Israel responded to the blockchain element of Netanyahu's plan, saying that such digital currencies "cannot be used as a way to circumvent sanctions on Israel."

"The right thing for Israel's economy is to maintain economic relations with our main trading partners and focus on preventing sanctions and their negative impact on the economy," the bank said. "This issue is within the responsibility of the political echelon, and it is appropriate to act to advance it."