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