Alibaba Founder Jack Ma Called Bitcoin a Bubble

Jack Ma: Bitcoin is a bubble - CoinShot

The founder and chairman of Alibaba, Jack Ma, is the last to back the rhetoric “Blockchain not Bitcoin”. According to the billionaire of e-commerce at the recently concluded World Intelligence Congress in Tianjin, he believes that bitcoin is a bubble, not a blockchain.

During his speech at the conference, Ma said that Alibaba focuses exclusively on the implementation of the blockchain. The main thing in his statement was the rationale for using blockchain:

“Blockchain is now a hot word. First, Blockchain is not a bubble, but Bitcoin is a bubble. Bitcoin is just a tiny application of blockchain. At least inside Alibaba, blockchain should be a solution that takes into account the issues of privacy and security in the digital age.”

The executive director of Alibaba also said that the blockchain was a real technological breakthrough that would lead to the forthcoming digital revolution. He defined crypto technology as having great potential for all types of business processes. Ma also revealed that his company is exploring several applications related to blockchain. Alibaba invests in data protection and privacy solutions built on blockchain technologies. This is the degree of the company’s activities in the arena, which currently holds the largest number of blockchain patents in the world.

Jack Ma is dissatisfied with the fact that too much attention is paid to blockchain as a tool for creating money, when it should be used as a tool for creating technology. He confirmed the need to focus on improving the global business process, rather than using Blockchain as a “gold mine”.

On the question of cryptocurrency, Ma ironically called Bitcoin, the most popular and safe crypto in the world, a bubble. The founder of Alibaba showed a lack of interest and a skeptical attitude towards Bitcoin in the past. Earlier, he said that he knew little about cryptocurrencies, preferring only to focus on blockchain. Most of the company’s efforts in the field of blockchain focus on the protocols of e-commerce and public welfare. In 2016, Alibaba launched a blockchain e-mail repository, and in 2017 the company signed an agreement with PwC to develop a food-based technology tracking architecture.

Despite the fact that in recent comments of Morocco he evaded Bitcoin’s arguments, his recent comments were just as negative as those of Warren Buffett, Charlie Manger, Bill Gates and others.