Blockchain Is Not a Bubble, Bitcoin Is

E-Commerce Giant Alibaba’s Jack Ma Says Blockchain Is Not a Bubble, Bitcoin Is

Jack Ma, the creator of Chinese e-commerce giant Alibaba, spoke out in the 2nd Planet Intelligence Conference at Tianjin, stating that blockchain tech isn’t a bubble, however Bitcoin is, Wednesday, May 16.

Ma said he’s been exploring blockchain for decades, also believes strongly in its capability to handle issues of information privacy and safety for society in any way levels – governments, individuals and corporations – within an “age of large data” He stressed that safety is a high priority for its e-commerce conglomerate, which reported39.9 bln in annual revenue in its most recent fiscal Q4 earnings release, also contains a trading volume of “trillions of trades.”

Ma added that unfortunately, a lot of the focus the emerging blockchain business receives stems from speculators who see blockchain as a “huge gold mine” Ma was cautious of Bitcoin even through its summit in December 2017, allegedly telling CNBC Shanghai too:

“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.”

This past year, Jack Ma became the wealthiest person in Asia, according to Bloomberg, along with his net worth soaring to $41.8 bln. The popular mobile payment program Alipay, operate by Alibaba affiliate Ant Financial, allegedly has 450 mln users.

As early as summer 2016, Ant Financial, introduced blockchain technologies to boost accountability in its own work with the Chinese charity business, heading on to recruit blockchain specialists in the organization at large the subsequent calendar year.

Nonetheless, in accordance with Ma’s position, Alibaba Group has stopped short of adopting cryptocurrencies, together with Alibaba Cloud lately denying rumours its recently established ‘P2P Nodes’ system was a cryptocurrency mining platform. Afterwards, in April, Alibaba subsidiary Taobao bannedall ICO-related advertisements from its own platform.

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