Chinese billionaire Jack Ma slams Bitcoin but heaps praise on the future of blockchain

Billionaire business magnate Jack Ma has warned against speculating on the Bitcoin market after saying that the virtual currency could be a potential bubble.
Ma, who is the founder of technology conglomerate Alibaba, made the remark yesterday as he launched his own "electronic wallet" which would make allow blockchain-based money transfers between Hong Kong and the Philippines.
The Chinese investor, who is worth nearly $50bn (£37bn), said: "Blockchain technology could change our world more than people imagine, adding that “Bitcoin however could be a bubble."
The comments come in the wake of Bitcoin’s fall on Sunday, as the cryptocurrency suffered its worst day on the market this year, dipping as low as $5,808 despite nearly reaching a high of $20,000 late last year.
Questions around Bitcoin’s vulnerability have arisen following increased global pressures to regulate the cryptocurrency.
The hacking of another cryptocurrency called Bithumb earlier this year spooked the South Korean government, and central banks and governments across the world have started increasing scrutiny.
Ant Financial, an affiliate of Ma’s Alibaba Group which was formerly known as Alipay, has been investing in blockchain technology for years, but the new remittance service announced today is a significant step towards using blockchain in mainstream finance.
Despite Ma’s speculation, new research suggests that there is hope in the virtual currency industry that interest in cryptocurrencies will grow.
In a survey of 15,000 people ING bank found that 35 per cent agree that virtual currencies are the future of online spending.
Jonas Goltermann, developed markets economist at ING, said: "Overall, cryptocurrency investments make up a small fraction of global financial assets, much less than 1% according to the Bank of England. So their impact on the global economy is still pretty limited and, at least from a monetary policy and financial stability perspective, central banks appear more curious than concerned about the growth of cryptocurrencies.

Comments

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