Bitcoin might be a potential bubble

June 25, 2018 1:10 pmComments Off on Bitcoin might be a potential bubbleViews: 54

Jack MaThe Bitcoin might be a potential bubble, according to the Chinese business magnate Jack Ma. He expressed concern about the volatile cryptocurrency at a time when his company, Ant Financial, started blockchain-based money transfers between Hong Kong and the Philippines.

The founder and chairman of Alibaba Group Holding warned that the price of the digital currency could be driven by speculation. He made the comment after the launch of the blockchain-based service with Standard Chartered and Gcash, a joint venture between Ant Financial and Philippine Globe Telecom.

The Bitcoin hit its lowest level in 2018 this Sunday, falling below 6,000 USD. Though then it rebounded slightly, which highlighted the volatility resulting from the increased control of regulators, while central bankers around the world and business leaders are increasingly questioning its viability

“The blockchain technology can change our world more than people imagine. Bitcoin can be a bubble, though”, said Jack Ma.

Ant Financial, a subsidiary of Alibaba, supported by some of the world’s biggest names in global finance and investment, has been studying blockchain technology for years. But the new service is one of the first times the Internet giant uses technology in mass finance.

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