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Alibaba’s Jack Ma Reiterates Bitcoin is A Bubble while Embracing Blockchain for Ant Financial

June 25, Chinese billionaire Jack Ma, the founder of technology conglomerate Alibaba has reiterated bitcoin is a potential bubble as his Ant Financial has launched its first blockchain-based cross-border remittance between Hong Kong and Philippines.

Ma emphasized that:

“Instead of a gold mine, blockchain is a powerful technique which can be used to solve privacy and credit problems. It should not be a tech to get rich overnight, it can provide solutions for social issues.”

As for bitcoin, Ma demonstrated his standpoint with more caution. He reiterated bitcoin may be a potential bubble and further pointed out that Ant Financial has no bitcoin.Jack-ma-e1467073237774

In late May, Ma once indicated there are 3 cutting-edge techniques that may disrupt existing human society in next 10-20 years. They are artificial intelligence (AI), Internet of Things (IoT) and blockchain. He said: “Blockchain is not a bubble, but bitcoin is.”

Under Jack Ma’s concept, Ant Financial also needs to clarify the boundary in its blockchain adoption. Eric Jing, Executive Chairman and CEO of Ant Financial concluded that,

the firm will:

  • Solve practical problems that have certain social value;
  • Overcome technological barriers to implement large-scale practical blockchain applications;
  • Jointly build an open blockchain ecosystems with its strategic partners

And will not:

  • Launch any “air coin” with no real value;
  • Develop any technical application that violating laws or regulations;
  • Do any harm to user data security and privacy.

This time, Ant Financial, also known as Alipay, has completed a funds transfer between its AliPayHK APP in HK and GCash, a mobile payment APP that secured by blockchain technology in Philippines within 3 seconds.

Jack Ma concerned a lot about this blockchian powered cross-border remittances project in the past six months and he plans to expand the financial business service range of Ant:

“Starting from Hong Kong, this service (AlipayHK) will be brought to the rest of the world in the future.”

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