Founder of Chinese e-commerce giant Alibaba, Jack Ma, has commented recently that he doesn’t see blockchain as a bubble, unlike sees bitcoin, which is something he has no plans to pursue.

The e-commerce boss made the comments at the 2nd World Intelligence Conference, which was held in Tainjin in Northern China on May 26th. At the conference, he reflected on research that he’d been involved in over the years, saying that DLT has the potential to address data privacy and security at all levels, both private and governmental. He also referred to the current fintech space as an “era of big data.”

Alibaba reported $39.9 billion in its latest Q4 earnings, with a trading volume of “trillions of transactions.”  Its founder went on to say that he was disappointed by the fact that much of the blockchain industry’s interest still comes from speculators, who view the technology as a “huge gold mine”. Speaking with CNBC Shanghai, Ma said that he was wary of bitcoin, even at its recent hiatus back in December 2017, stating:

“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.”

Last year, Ma became the richest man in Asia, according to Bloomberg, with his net worth surging to $41.8 bln. Alibaba’s mobile payment app AliPay, reportedly has 450 million users. However, the company hasn’t embraced cryptocurrencies and has recently seen one of its subsidiaries, Taobao, ban ICO related advertising.

Alipay, now the Ant Financial Services Group, introduced blockchain technology in 2016 to improve its accountability while working with the Chinese charity industry.

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