Alibaba’s Jack Ma: Blockchain Is for Real, Bitcoin Is a Bubble

The CEO of e-commerce giant Alibaba just gave his seal of approval for blockchain – but not Bitcoin.

Speaking at the 2nd World Intelligence Congress (WIC 2018) in Tianjin, China, Jack Ma said, “I have been studying the blockchain for years and the blockchain is not a bubble. Bitcoin is.”

Last December, Ma told CNBC that Bitcoin’s technology confused him and that he was more focused on his company’s online payment platform, Alipay. “… people asked me what do you think about it? I say, Honestly, I know very little about it, and I am totally confused. And even if it works, the whole international rules and laws on trade, on finance, is going to completely change. I don’t think we are ready for that. So I think I’m focusing on the Alipay and focused on IMB, US dollars and euros, and that’s fair.”

At Tianjin, Ma was clear about his support for blockchain and touched on Alibaba’s research into the technology, which caught his interest once he realized its power to solve privacy and security issues. Alibaba now holds more blockchain patents than any other company in the world.

The 2nd World Intelligence Congress, from May 16 to 18, is focused on illuminating how technology is rapidly changing the world. Its primary focus is on AI with an opening presentation entitled “Smart Contract & Blockchain Training”.

According to the organizers, “We are convinced that the upcoming AI era will reshape the world in a profound way and transform every aspect of the economy and society to meet individual needs, ranging from manufacturing, finance, transportation to healthcare, education, social networks and services. Meanwhile, AI will become a key driving force for the next generation of the Internet.”

The summit is hosted by the National Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology, Cyberspace Administration of China, Chinese Academy of Sciences, Chinese Academy of Engineering, China Association for Science and Technology and Tianjin Municipal People’s Government.

Image via leighklotz/Flickr

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