Christians and Israel, A study of Genesis 12:2-3

Is Gen 12:2-3 relevant to the relationship between a believer and modern-day Israel? "And I will make of you a great nation, and I will bless you and make your name great, so that you will be a blessing. I will bless those who bless you, and him who dishonors you I will curse, and in you all the families fo the earth shall be blessed," (ESV). As different translations express this verse somewhat differently, we will look closely at the meaning of the verse in its original language, Hebrew, to aid in its understanding.