Alibaba’s Jack Ma still sees Bitcoin as a bubble

June 06, 2018
Richard Reed

Alibaba founder Jack Ma has said he still sees Bitcoin as a bubble – but that blockchain is here to stay.

Ma, whose company is China’s equivalent of eBay, and whose net worth is estimated at $42bn, was a guest speaker at the annual World Intelligence Conference in Tianjin.

“There is no bubble for blockchain, but there’s a bitcoin bubble,” Ma told the audience, according to Chinese crypto news website 8btc.

His comments follow on from those made at the end of last year when he told CNBC: “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.

“We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don’t care about Bitcoin.”

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