Jack Ma, executive chairman and founder of Chinese tech juggernaut Alibaba, stated while he’s bullish about blockchain technology, Bitcoin is in a bubble.
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Ma expressed dissatisfaction with the manner in which the blockchain technology behind Bitcoin is being used, joining the ranks of blockchain maximalists such as Vitalik Buterin, recently stated he believes most altcoins are overvalued.
Ma’s latest comments on the utility of blockchain technology mirror similar statements made in November 2017, when the Alibaba founder discussed cryptocurrencies at the “Dialogue with Jack Ma” event in Shanghai.
“We should be cautious about Bitcoin. Its underlying technology, however, is really powerful. I pay more attention to a cashless society and the blockchain technology. And I am not shameful that I don’t know about Bitcoin.”
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