Alibaba CEO Jack Ma Says Bitcoin and Not Blockchain is the Bubble

Alibaba founder and chairman, Jack Ma, is the latest to espouse the “blockchain not bitcoin” rhetoric. The billionaire e-commerce guru said bitcoin is the bubble and not blockchain. He made these comments at the recently concluded World Intelligence Congress in Tianjin.

Blockchain not Bitcoin Narrative Lives On

During his address at the conference, Ma revealed that Alibaba focuses solely on blockchain implementation. According to Ma:

Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is a bubble. Bitcoin is just a tiny application of blockchain. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.

The Alibaba executive also went to say that blockchain was the true technological breakthrough that would drive the coming digital revolution. He identified the technology behind cryptos as having immense potential for all kinds of business processes. Ma also revealed that his company was exploring several blockchain applications. Alibaba is investing in data security and privacy solutions built on the blockchain. Such is the extent of the company’s activities in the arena that it presently holds the most number of blockchain-related patents in the world…

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