Jack Ma: There is no bubble for Blockchain, but there is for Bitcoin
Jack Ma, founder and executive chair of E-Commerce giant Alibaba has reiterated his stance on bitcoin, saying there is a bubble in the world’s most popular cryptocurrency even as he sounded bullish on the underlying technology, blockchain.
Speaking during the 2nd World Intelligence conference held in Tianjin china, Jack Ma said that he strongly believes that bitcoin is a bubble, but blockchain is not.
The Alibaba’s board chair said that he has been researching blockchain for years, and believes strongly in its potential to address issues of data privacy and security for society at all levels – governments, corporations and individuals – in an “era of big data.”
According to Ma, blockchain had been construed as a huge gold mine, which he said should not be the case. He stressed on the need for the utilization of blockchain to find solutions for data and privacy security, in a bid to create values for the society.
“Blockchain can provide a lot for governments, enterprises and average people, which should be its true value and not a money-making technology,” Ma said.
Ma told the participants that since his realization that blockchain could offer solutions for issues of privacy and security, Alibaba has undertaken the research on the technology, and it has been the enterprise holding the world’s most blockchain patents.
He went on to explain how Alibaba has leveraged blockchain technology in several scenarios with public welfare, e-commerce and finance. Early in October 2016, Ali Cloud launched the world’s first blockchain-based email evidence repository, which allows users to synchronize and store critical data of critical emails to third parties. Also in the summer of 2016, Ant Financial, a subsidiary of Alibaba introduced blockchain technology to improve accountability in its work with the Chinese charity industry.
Months later in March 2017, Alibaba joined hands with PwC to explore blockchain application in food supply chain.
However, while the richest man in Asia seems bullish on blockchain, he has never resolved his negative perception of cryptocurrencies. According to Ma, it’s just a matter of time before Bitcoin bubble bursts.
This is not the first time Jack Ma has sounded negatively about Bitcoin. Cointelegraph reported that when Bitcoin reached its peak in December 2017 he was still wary of it.
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. Bitcoin is not something that I want to pursue.
– Ma told Cointelegraph.
Ma joins a gang of heavyweight figures who claim Bitcoin is a bubble. Last Month, Warren Buffett said bitcoin was a gamble, not an investment. In another interview, he said bitcoin was probably rat poison squared; Charlie Munger was even more blunt calling it noxious and immoral, and Bill Gates said he would short bitcoin if he could.
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