Home Asia Featured News Jack Ma slips on Bitcoin, blogger taunts him

Jack Ma slips on Bitcoin, video blogger taunts him

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HONG KONG—Chinese billionaire slipped and is clueless in his of , which he dismissed as a tool to solve social problems.

A blogger from Decentralized TV asked: “Why are brilliant people so clueless when it comes to bitcoin?”

Jack Ma attacked the people have been speculating on bitcoin and said he would avoid the asset class, but the blockchain behind bitcoin should be used to solve social issues.

Ma is executive chairman of Alibaba Group Holding Ltd which has Ant Financial Services Group, as a financial- affiliate. An Ant joint venture in Hong Kong launched – the same day Ma criticised Bitcoin – a cross-border remittance service that uses blockchain .

The remittance service is to help people send to the at transaction fees that are much lower than what banks and other money-transfer firms charge.

The said Ma got it all wrong in his explanation of the ‘bitcoin bubble’ because Blockchain and Bitcoin go hand in hand. He said Ma got it all wrong! Watch the video here:

Blockchain is a digital record-keeping system that enables trading in cryptocurrencies and other kinds of financial transactions.

Ma said blockchain “must be used to solve data , and sustainability issues” but that with cryptocurrencies the technology has been turned into “tools and concepts for making money.”

“It is…not right to become rich overnight by betting on blockchain,” he said. “Technology itself isn’t the bubble, but bitcoin likely is,” he added. Bitcoin multiplied in value last year but has fallen more than 50% in the year to date.

“You cannot extricate Bitcoin from Blockchain, they are one and the same my friend.” the vlogger said.

Ma also said banks were “too greedy” in charging high fees on money transfers and that Ant’s goal is to bring low-cost financial transactions to everyday people.

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