In a recent Speech at the Second World Intelligence Conference in Tianjin, the great e-commerce giant founder Jack Ma says that bitcoin is a bubble and defended blockchain technology. Jack Ma says that most of the people look at these technologies like a gold mine and fail to see the true potential of the technology that works behind bitcoin: Blockchain. Alibaba currently has the largest number of blockchain patents and still, the company has been known to not get into crypto projects.
During this speech, Jack Ma said that he has been researching the technology for years and has concluded that the technology could solve some data-related issues that are currently faced by our society. Jack Ma said that the problems that Blockchain can potentially solve are present in all three levels, the governmental, the corporate, and the individual.
According to the report, Jack Ma told that his eyes have been on the technology ever since he found out that blockchain could solve security and privacy issues. Ma said that he is so interested in solving security issues because it’s the top priority of Alibaba. Alibaba reported its full-year revenue of 2017 to be $39.9 billion accumulated by trillions of transactions that went through the platform.
Ma also stated that most of the people interested in the technology are interested because of the cryptocurrency it powers, like bitcoin, but bitcoin was in a bubble and the technology wasn’t at all. Jack Ma said that the people who have a superficial understanding of the technology think that it’s a gold mine while the true use of blockchain technology is to create privacy and security issues’ solution in order to create a respectable system in the society.
What’s more interesting is the fact that this is the first time Jack Ma addressed the cryptocurrency directly to deliver his opinions. Previous instances of Ma talking about Bitcoin only occurred because he was asked a question about the cryptocurrency in an interview or a release. In November last year, Jack Ma was asked about bitcoin, to which he replied that Bitcoin is a powerful entity but he has no interest in it. Instead, he is interested in how its backing technology could help the society.
A month later Jack Ma again answered a question about bitcoin. At the time, bitcoin price at the time was $15,000. Jack Ma still showed no interest towards the cryptocurrency and said that he is surprised at its price. He continued that if bitcoin really works, it will change the rules of global financial systems and trade and we are not ready for the change. Ma continued by saying that until we were ready, he sticks with the US dollar and the euro. Jack Ma told that the company has a dedicated team that studies blockchain technology but they have no interest in bitcoin nor do they care about it.