Jack Ma, CEO of Alibaba, the biggest e-retailer in Asia, has stated how he thinks that blockchain, the tech that fuels cryptocurrencies, should be in the spotlight rather than bitcoin. He stated this as a part of his speech at the 2nd World Intelligence Conference in China, according to information taken from Cointelegraph.
Jack Ma is the CEO and founder of Alibaba, the biggest internet retailer in all the world. Based in China and active in more than 200 countries, last year it posted revenue of more than 39 billion dollars. It also features an immensely popular payment processor called Alipay, as the preferred payment method on its platform, much like in the same way that eBay features PayPal.
Ma regrets that much of the attention that is put on blockchain these days comes from cryptocurrency investors who want to capitalize fast on the cryptocurrency craze. For him, blockchain is the really important technology that has a lot of important applications. Ma has always been skeptical about bitcoin adoption as a currency and has maintained Alipay away from it, following his criteria. About all this, he stated:
“I DON’T KNOW ABOUT BITCOIN AT ALL. I’M PARTICULARLY PUZZLED. EVEN IF IT CAN REALLY WORK, THE RULES OF GLOBAL TRADE AND THE FINANCIAL SYSTEM WILL BE COMPLETELY CHANGED. I DON’T THINK WE ARE READY. SO I’M STILL PAYING ATTENTION TO ALIPAY… TO THE US DOLLAR, AND THE EURO. WE HAVE A TEAM THAT STUDIES BLOCKCHAIN, BUT BITCOIN IS NOT SOMETHING THAT I WANT TO PURSUE. WE DON’T CARE ABOUT BITCOIN.”
Ma obviously thinks that the future of currency is digital, but digital fiat money. This view is also shared by PayPal’s former CEO, Bill Harris, who said in an interview with CNBC last month that he thought that digital currencies were the future, but he does not think that a new currency should be needed for that.