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.

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

14 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

17 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

17 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

19 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

1 day ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

3 days ago