Skip to content

Bitcoin? Not for me: the founder of Alibaba Jack Ma

Get trading recommendations and read reviews on for only $ 39 a month

Chinese business mogul Jack Ma is confused by bitcoin and does not want to know more about the class D & Emerging assets of cryptocurrency. his company invests significant resources in the development of the blockchain.

Speaking with CNBC, the founder and executive chairman of the technology conglomerate Alibaba, said he had been repeatedly asked about bitcoin at the World Internet Conference, which was held this week in Wuzhen, China.

"I said honestly, I know very little, and I am totally confused," replied Ma.

Ma, whose $ 38.6 billion worth of net worth makes him the richest man in China, warned that if bitcoin would prove more than a single shot on the economic radar, it would completely reverse the international order.

"Even if it works, all the international rules on trade and financing will be completely changed," he said, adding that "we have put a lot of effort into technology and blockchain development ".

Ma pointed out that Alibaba 's blockchain efforts will be limited to applications that work in the current economic order. The company has already launched blockchain initiatives aimed at improving healthcare and countering the sale of counterfeit food products.

"I do not think we are ready for this," he said, casting doubt on the fact that Alibaba will make a leap into the cryptocurrency space. "I am [going] to focus on AliPay", the company's mobile payment platform, as well as other technologies focused on the development of the RMB, the USD, the l 39; EUR and other currencies issued by the States.

See also  Tap tap tap

"Bitcoin [is] not for me," reiterated Ma, saying that although Alibaba wants to lead the charge to a China without money, he wants to do it in a way that is efficient, transparent and without corruption, perhaps hinting at some of the common criticisms against bitcoin.

"We are not focused on bitcoin, we are focusing on a society without money for China … trying to make society more efficient, more transparent, without corruption," he concluded. .

Image from Shutterstock to photo