https://youtu.be/SA2wG5st0rk
Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile crypto-currency as his Ant Financial on Monday launched blockchain-based money transfers between Hong Kong and the Philippines.
The founder and chairman of Alibaba Group Holding Ltd. extolled the possibilities of the decentralized ledger on which Bitcoin is based but warned that the digital currency itself may be driven by torrid speculation. Ma made his comments after officially launching a blockchain-based remittance service with Standard Chartered Plc and GCash, Ant’s venture with the Philippines’ Globe Telecom Inc.
Bitcoin set a 2018 low on Sunday before bouncing back a tad, underscoring the volatility that stems from increased scrutiny by regulators even as global central bankers and business chiefs raise questions about its viability.
“Blockchain technology could change our world more than people imagine,” Ma told reporters in the former British colony, home to a large population of Filipino workers and domestic helpers who send money home regularly. “Bitcoin however could be a bubble.”
Read more: Ant Financial Raises $14 Billion as Funding Round Closes
Ant Financial, an affiliate of Alibaba’s backed by some of the biggest names in global finance and investment, has explored blockchain technology for years, including to clean up China’s murky charities. But the remittance service marks one of the first instances of the internet giant using the technology in mainstream finance.
On Monday, Ma also took potshots at the traditional banking industry, saying financial institutions were over-charging for overseas payments. Ant Financial, blocked from buying Moneygram International Inc., now wants to build something better and take blockchain-based remittances beyond just Hong Kong to the Philippines. He didn’t elaborate.
“Traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit,” said Ma.
Read more: Jack Ma’s Too-Big-to-Fail Financial Giant Faces a Clampdown
By Lulu Yilun Chen Bloomberg
Bitcoin Drops Back Below $6,000 as 2018 Loss Approaches 60%
Bitcoin briefly dropped back below the $6,000 threshold breached this past weekend, bringing the loss for 2018 to almost 60 percent.
The world’s largest cryptocurrency by market value traded as low as $5,988, and was down 2.2 percent to $6,044 as of 10:56 a.m. in New York. Bitcoin last traded at this level in February.
Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble
Bloomberg
Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble
Alibaba's Jack Ma says bitcoin is 'likely' a bubble while embracing its ...
Jack Ma Claims Bitcoin is a Bubble, not Blockchain - Google News ...
Alibaba chairman advises staying away from bitcoin
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financial technology affiliate of Alibaba, advises staying away from
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Jack Ma Claims Bitcoin is a Bubble, not Blockchain
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Ant Financial Launches Blockchain Based Money Transfer Services
Ant Financial recently launched a blockchain-based money transfer *service* between Hong Kong and the Philippines.
Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble
The
Chinese investor, who is worth almost $50bn (£37bn), said: "Blockchain
technology could change our world more than people imagine, adding that
"Bitcoin ...
Jack Ma Of Alibaba Cuts Remittance Costs
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Stay Away From Bitcoin - Alibaba's Chairman
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Bitcoin news: 'BTC is a bubble' says Chinese billionaire Jack Ma in shock warning
BITCOIN may be the world's most talked-about cryptocurrency, but a Chinese billionaire has warned it is likely a 'bubble'.
Bitcoin Continues Tentative Comeback Despite Alibaba's Jack Ma 'Bubble' Warning
Investing.com
– Bitcoin continued its tentative comeback from its swing lower over
the weekend but sentiment remained fragile amid sluggish fund inflows.
Ant Financial Launches Blockchain-based Money Transfers Between Hong Kong and the Philippines
Billionaire
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Alibaba chief calls for bitcoin bubble but constructive on blockchain
Alibaba
Chairman Jack Ma says that he would stay away from bitcoin because it
could be a bubble but he reportedly seems to be constructive on the
blockchain.
Inside Bitcoins
Jack Ma Claims Bitcoin is a Bubble, not Blockchain
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