Find out what Alibaba’s Jack Ma thinks about bitcoin

  • Alibaba Chairman Jack Ma is bullish on blockchain but reportedly says he would stay away from bitcoin because it could be a bubble.
  • Ant Financial, the financial-technology affiliate of Alibaba, launched a joint venture in Hong Kong Monday that uses blockchain for a cross-border remittance service.
  • “Technology itself isn’t the bubble, but bitcoin likely is,” Ma said, according to the Wall Street Journal.

Jack Ma’s Ant Financial is betting on blockchain but the Chinese billionaire warned against the technology’s first and most popular use case: Bitcoin.

The financial-technology affiliate of e-commerce giant Alibaba launched a joint venture in Hong Kong Monday that uses blockchain for a cross-border remittance service. At the launch event hosted by Ant Financial, Ma advocated for blockchain but said the firm does not own bitcoin, and would stay away from the asset class, the Wall Street Journal reported.

“It is…not right to become rich overnight by betting on blockchain,” Ma told reporters at the event, according to the Journal. “Technology itself isn’t the bubble, but bitcoin likely is.”

Bitcoin rose more than 1,300 percent last year to a high near $20,000. This year, the digital currency has fallen 50 percent to around $6,280, according to CoinDesk.

Ma, who is also Ant’s controlling shareholder, said blockchain…

Continue reading at CNBC.com

1 reply
  1. Laszlo Erdosy
    Laszlo Erdosy says:

    I believe that Bitcoin is going down, perhaps other crypto currencies may do better but it’s hard to see right now which one might take over.

    Reply

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