Speaking at a financial summit in Shanghai, Alibaba founder Jack MA stressed the importance of digital currencies. He believes digital currencies can change the meaning of currency in the same way that Apple changed the meaning of mobile phones, making calls only one of the functions.
The billionaire is confident that cryptocurrency will be able to gain momentum in developing countries – it is necessary to think about creating a new financial system based on digital currencies so that it can play a significant role in world trade.
Alibaba is a longtime blockchain proponent. The e-commerce giant owns the most blockchain-related patents, ahead of IBM, Bank of America and Mastercard, according to the KISSPatent report. However, when it comes to bitcoin, Ma is not so optimistic. In 2018, the founder of Alibaba called the first cryptocurrency a “bubble”. The technologies themselves, in his opinion, are not a “bubble”. It is unclear if his position has changed since then.
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