Jack Ma is the executive chairman and founder of Chinese tech juggernaut Alibaba. He stated that, while he’s bullish about blockchain technology, Bitcoin is in a bubble.
He commented on Bitcoin, cryptocurrencies in general, and blockchain, while speaking at a forum at the second World Intelligence Congress held in Tianjin. The Alibaba Group Holding Ltd founder emphasized the importance of the underlying distributed ledger technology that drives Bitcoin, rather than the currency itself:
“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. Blockchain is not a huge gold mine. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.”
“We should be cautious about Bitcoin. Its underlying technology, however, is really powerful. I pay more attention to a cashless society and the blockchain technology. And I am not shameful that I don’t know about Bitcoin.”
“Social networks may not need blockchain, but we are doing internet finance in which we process trillions of trading volume. We have to turn to blockchain, otherwise it would be fatal,” Jack Ma ended.
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