Jack Ma (Alibaba) Says Bitcoin Is a Potential Bubble BUT Blockchain Could Change the World

Multinational technology conglomerate Alibaba Group, which is led by 53-year old Jack Ma, had its online payments subsidiary Ant Financial – formerly known as Ali Pay – introduce its customers to blockchain-based international payments.

While embracing blockchain and the change it will make in the everyday life of Filipinos working in Hong Kong who regularly transfer money to their families, Jack Ma made clear that Bitcoin may be a bubble, reports Bloomberg.

“Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble,” Jack Ma told reporters, while adding that “traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit.”

Speculation in the cryptocurrency market has confused many market participants over the fair price of Bitcoin and altcoins. Claims that Bitcoin is a bubble have been heard many times over the years despite a clear long-term bullish trend. 

Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, recently wrote in a note to investors that Bitcoin is one of “the greatest bubbles in history” and that it has already burst after peaking in December. Ας συνδεθούμε στο LinkedIn για να διαβάζετε πρώτοι τα άρθρα -->
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