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Current Bitcoin Price: $ 34,831.85

Alibaba's Jack Ma calls Bitcoin a 'potential bubble'

Alibaba's Jack Ma calls Bitcoin a 'potential bubble'

Jack Ma, a Chinese business magnate has called Bitcoin a potential bubble.

Jack Ma's financial company, Ant Financial launched blockchain based money transfers between Hong Kong and the Philippines. Speaking at the launch event, the 53-year businessman called the Bitcoin a 'bubble' but hailed the blockchain technology saying that his firm does not own a Bitcoin and would like to stay away from it.

"I believe it is not right trying to become rich overnight by using Bitcoins," Ma said.

This year the prices of digital currencies has fallen 50 percent to around near $6,280 according to CoinDesk.

"Blockchain must be used for solving data privacy, sustainability issues and security, but with digital currencies, the technology has been reduced to tools for making money."

An online-payments network Alipay is owned by Ant Financial. Ant’s new Hong Kong-based joint venture would be facilitating real-time cash transfers between people in Hong Kong and the Philippines in a digital wallet service. Calling it first of its kind, the company sounded optimistic about its future.

 The service is a collaboration with GCash, a Philippines-based organization operated by telecommunications firm Globe Telecom.

Bitcoin used the application of Blockchain technology but now it can be used for multiple purposes.

The public ledger used in blockchain can never be tampered, that's why people have begun accepting it.