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The 2-year model, which was also backed by the Bank of Israel, will allow the government to present a long term plan and maintain market stability. The ministers also unanimously approved Steinitz’s proposal to implement a calculation system that would increase the government’s annual expense rate from 1.7%
The prevailing thinking then was that the cryptocurrency market was going to be a winner-takes-all race due to the strong network effects around mining. Bitcoin, and the underlying blockchain technology, never developed a strong use case besides storing value. And, most thought that Bitcoin would emerge as the winner in this race.
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