Alibaba’s Jack Ma: Bitcoin is a bubble, blockchain is practical

By Jonathan Dyble
According to 8btc, a cryptocurrency news site for the Chinese community, Founder and CEO of Alibaba Jack Ma has given his views on both blockchain and B...

According to 8btc, a cryptocurrency news site for the Chinese community, Founder and CEO of Alibaba Jack Ma has given his views on both blockchain and Bitcoin, speaking at the second annual World Intelligence Conference in Tianjin.

Ma, proclaimed as China’s richest man, stated that whilst he remains positive about the potential that blockchain technology can offer, Bitcoin is something that he would not endorse.

See also:

“There is no bubble for blockchain, but there's a bitcoin bubble,” Ma said, as cited by 8btc.

The statements back up similar comments from Ma that CNBC Shanghai reported in December of last year:

“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. I don't think we are ready. So I'm still paying attention to Alipay... to the US dollar, and the euro.”

“We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don't care about Bitcoin.”

Ant Financial, the financial services affiliate of Alibaba, has already began exploring the uses of blockchain technology, set to launch its blockchain-as-a-service solution this summer.

Further, according to fellow local news outlet The Paper, the CEO of Ant Financial Services, Eric Jing, called blockchain “the cornerstone of trust for the digital society in the future” earlier this year.

For more information on the ways in which blockchain is being used outside of cryptocurrencies, see Beyond cryptocurrency: Eight alternative uses of blockchain.

Share

Featured Articles

Microsoft in Japan: $2.9bn Investment to Boost AI & Cloud

Microsoft has announced it is investing US$2.9bn over the next two years to increase its hyperscale cloud computing and AI infrastructure in Japan

Amazon CEO Andy Jassy: Future of Gen AI to be Built on AWS

Describing it as the largest technology transformation since the cloud, Amazon CEO Andy Jassy explains how AWS aims to power the Gen AI revolution

Apple Bringing Spatial Computing to Business With Vision Pro

Apple has announced how its Vision Pro is bringing a new era of spatial computing to business, working with companies like SAP, Microsoft, Nvidia and Cisco

Top 100 Women 2024: Beth Galetti, Amazon - No.3

AI & Machine Learning

Google Cloud Next 2024: Pushing the Next Frontier of AI

AI & Machine Learning

Top 100 Women 2024: Ruth Porat, Google - No.2

Digital Transformation