Altcoins, Bitcoin (BTC), Cryptocurrency, DeFi (Decentralized Finance), News

Alibaba Founder Jack Ma Says Digital Currencies Have the Potential to Redefine Currency

With each passing day, the world is acknowledging the importance of digital currencies which have gained huge traction over recent times. Many famous investors as well as financial institutions have talked about the worth of Bitcoin and other digital assets. This summer we saw the business intelligence firm MicroStrategy making back to back investments in the top-ranked digital currency Bitcoin.

Now, the famous Chinese billionaire Jack Ma who is the founder of e-commerce giant Alibaba has also emphasized the significance of cryptocurrencies saying that they possess the potential to redefine the meaning of currency. While speaking in a speech at the 2nd Bund Financial Summit on the 24th of October, he said that just like mobile phones have been redefined by Apple, the currency will be redefined by digital currencies.

Adding on further, he claimed that cryptocurrencies are soon going to get traction all over the world especially in developing countries.

Moreover, he placed emphasis on the need for developing a new financial system. Jack Ma said that it is essential to give thought to how we can use digital currencies to establish a new financial system. He said:

“It is necessary to think about how to build a new financial system through digital currency, think about the future for the world, think about how to do global trade, and think about how the world should use it.”

Though Jack Ma has shed a light on the importance of digital currencies, his views regarding the world’s largest cryptocurrency by market cap Bitcoin (BTC) are different. Like others, he is not bullish on Bitcoin. The top-ranked digital currency was even banged by Ma back in the year 2018 when he called Bitcoin “a bubble”.

However, the founder of Alibaba is an advocator of blockchain technology, on the other hand. Alibaba has the most number of patents related to blockchain technology, according to a report of KISSPatent that was published in the month of September. As per the report, in this case, it is ahead of International Business Machines (IBM), nChain, MasterCard, and Bank of America.

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