cryptocurrency

Jack Ma’s latest warning won’t please many crypto enthusiasts
June 26, 2018Basil Kimathi
coinmag
Speaking after witnessing his Ant Financial company launch a blockchain-based money remittance service between Hong Kong and the Philippines, Billionaire Jack Ma lauded the power of the distributed ledger technology and its ability to empower the masses, however, he made some remarks about the top crypto coin that won’t please many crypto enthusiasts.

Hong Kong, the former British colony is home to many Filipino workers who send money home regularly. The service will allow users of AlipayHK to wire money to their relatives and friends in the Philippines in a fast, secure, and transparent way.

Ant Financial is an affiliate of Alibaba and it’s backed by some biggest names in global finance. The company has been exploring the blockchain technology for years now with one of its aims being to clean up murky Chinese charities. Buy yesterday’s successful money transfer from Hong Kong to the Philippines that lasted three seconds marks the first time the internet giant is using the distributed ledger technology in mainstream finance.

Even though Ma was full of praise for the blockchain, he wasn’t very kind to Bitcoin, a cryptocurrency that runs on the technology and his comments that Bitcoin could be a bubble and it’s driven by massive speculation won’t please many crypto enthusiasts.

Speaking to reporters, Ma said:

“Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble.”

On Sunday Bitcoin hit an all-time low in 2018 dropping below $6,000 before bouncing back just a little bit.

Also, Ma took shots at the traditional banking industry claiming financial institutions are always overcharging when it comes to oversea payments.

“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.”

Is Ma right on his assessment that Bitcoin is driven by mass speculation? Share your thoughts in the comment section below.