Alibaba Head Calls Bitcoin a Bubble

May 18, 2018

Jack Ma, the founder and the head of China’s e-commerce corporation Alibaba Джек Ма, stated in his speech rendered at the World Intelligent Congress in Tianjin, he regards Bitcoin as a bubble, but not the blockchain technology.

Ma confessed, he has been studying blockchain for several years and believes in the potential the technology has. As he put it, blockchain can resolve the problems of data confidentiality and security in the age of big data for all society members: states, companies and ordinary public.

“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.”

The founder of Alibaba stated, security issues are the top priority for the corporation. He added, he regrets that the bulk of attention to blockchain comes from speculators who treat it as a pot of gold and voiced his confidence that if 5-10 years blockchain will differ from what it is now.

As for Bitcoin, Ma has long been quite skeptical about it. In December he claimed, Alibaba sees no interest in Bitcoin. This is proven by the company officially denying rumors that P2P Nodes network launched by Alibaba has something to do with digital currency mining.


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