Uri Levine, an Israeli businessman and co-founder of Waze, a Google Inc.-acquired traffic and navigation software app, has publicly bashed cryptocurrencies such as Bitcoin, saying they are the coins of crime and have little value except in the dark economy.

In an interview with CNBC media outlets, Levine stated that the crypto space does not address any issues to which individuals do not already have the answers. The Israeli start-up king noted that they were trying to solve a specific issue when Waze was created: traffic jams. He said, on the other hand that cryptocurrencies do not attempt to solve a problem.

On Bitcoin, the Israeli engineer gave a weak assessment that it is primarily used to encourage trafficking in human beings, used for selling illicit goods, and leveraged by the dark economy.

Said Levine:

“At the end of the day, you look at Bitcoin and you ask yourself ‘What is the purpose of Bitcoin?’ And you realize that, right now, it’s being used by the dark economy…People are using that to buy drugs, to buy guns, to buy people. This is now about doing good and doing well.”

Levine said he sees no future for something that does not build value. He noted that if cryptocurrencies do not solve a problem, then they do not produce value. He claimed:

“In many cases, when you try to define what the problem is that cryptocurrency is solving, there is none.”

The Israeli entrepreneur mentioned that storing wealth and making digital transactions is already accessible to society.

The entrepreneur’s views echo those of many crypto bears who argue that cryptocurrencies such as Bitcoin are used mainly in dark web markets where illegal services and products are marketed and purchased. Though cases of Bitcoin transactions on the dark web markets have doubled in the previous year, research shows that the global acceptance of Bitcoin has increased by 700%.

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