Jack Ma backs Blockchain but isn’t interested in Bitcoin

Written by on May 22, 2018

Jack Ma, the founder of Alibaba Group, a Chinese multinational e-commerce, retail, Internet, artificial intelligence [AI], and technology company isn’t always on the radar of bitcoin or cryptocurrencies. Contrastingly, lately, he has shown much interest and belief in the blockchain technology. Jack Ma doesn’t believe that blockchain is a rich source of desired money that can be exploited for a long time and help someone build a fortune. But Jack Ma believes that blockchain technology can be used to solve some of the toughest problems that the world is currently facing. Some of these problems include certainty, data, privacy, and security solutions. The model that makes tech giants Google and Facebook billions of dollars each and every year is selling of users’ data. This can be evidenced by the Cambridge Analytica and Facebook’s scandal.

Jack Ma and Alibaba as a whole seem to have been doing more research concerning blockchain technology; they’ve become the largest holders of blockchain patents after researching and learning more about the potential benefits of the technology, apart from just, trading and buying and selling of blockchains.

Other high profile people who don’t believe in bitcoin but potentially believe in blockchain technology include Warren Buffett, chair of Berkshire Hathaway and the third richest person in the world according to Forbes magazine. In an interview, Warren Buffett said that;

“If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything …you’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more”. He added, “You aren’t investing when you do that, you’re speculating”.

Bill Gates said that investing in Bitcoin produces nothing, so it cannot be expected to appreciate.

Chalie Munger, vice chairman for Berkshire Hathaway said that “Bitcoin is worthless artificial gold”. And he and (the Berkshire Hathaway team) could own more Apple shares instead of investing in bitcoin.

While high profile people like Warren and Gates despise Bitcoin, others like Jamie Foxx, Paris Hilton, Dan Morehead, Tim Draper, and Tyler and Cameron Winklevoss relentlessly believe in Bitcoin. They strongly believe that they will make a fortune off cryptocurrency.

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