Alibaba Founder, Jack Ma, Calls Bitcoin (BTC) a Bubble
The Bitcoin (BTC) bubble theory has resurfaced again, as the founder of world's largest e-commerce platform, Alibaba, just announced his views of the world's first digital token. Jack Ma Yun, Alibaba Group's founder and executive chairman, spoke in a forum on Wednesday and spoke highly of blockchain technology, but expressed his doubts about Bitcoin (BTC).
“There is no bubble for blockchain, but there's a bitcoin bubble,” Ma said in a panel at the second World Intelligence Congress forum.
Ma said he has been researching blockchain for years and highly believes in its potential to solve security, and data privacy. The founder thinks that blockchain can be used by everyone including individuals, corporations, and even governments. Ma expressed security a top priority for his company, as Alibaba conducts 'trillions of transactions' a quarter.
“Social networks may not need blockchain, but we are doing internet finance in which we process trillions of trading volume. We have to turn to blockchain, otherwise, it would be fatal.”
The company reported $39.9 billion in yearly revenue in its latest fiscal Q4 earnings release. Alibaba currently has 43 published blockchain patent applications, which is followed by Bank of America which has 33.
Ma said he first saw blockchain as a privacy and security solution, but never thought to turn it into something like Bitcoin (BTC) to make money. Clearly, the founder doesn't understand the need to break away from central banks and hasn't read the official whitepaper.
Ma is one of Asia's richest men, and his latest attitude towards Bitcoin (BTC) highly resonates with the Chinese government's recent actions. However, in an interview back in December 2017, the founder told CNBC Shanghai:
"I don't know about Bitcoin at all. I'm particularly puzzled. Even if it can really work, the rules of global trade and the financial system will be completely changed... We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don't care about Bitcoin."
It seems that Ma has always felt this way about the digital token, and the e-commerce giant won't ever see Bitcoin (BTC) on its platform. Well, never say never - we'll see.
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