World renowned billionaire Jack Ma, founder of Chinese e-commerce giant Alibaba Group Holding Ltd., expressed his views on bitcoin and blockchain tech at the second World Intelligence Congress in Tianjin, China.
The Alibaba CEO said:
“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.”
Research on blockchain technology is important for the company as Alibaba handles large amounts of transactions on the daily. Blockchain tech would prove beneficial for both the company and its customers. Ma prides that his company has the most number of patented tech in blockchain in the world:
“Alibaba has been working on blockchain for several years, and when Alibaba first started investing in the blockchain, I didn’t understand what blockchain was at that time, but I heard that it can solve data and security and privacy issues.”
Ma’s view on bitcoin and blockchain tech is similar to that of fellow billionaire Bill Gates who is quite vocal about his negative views on bitcoin but remains optimistic about blockchain tech.
Gates had just recently commented that he would short bitcoin “if there was an easy way to do it” and received tons of backlash from the crypto community, including from one half of the Winklevoss twins, Tyler Winklevoss.