Billionaire Jack Ma, the chairman and founder of Alibaba, says that Bitcoin, the cryptocurrency with the highest price at present, could be in a bubble.
He made the comments as Ant Financial launched blockchain-based money transfers between Hong Kong and the Philippines.
Blockchain technology could change our world more than people imagine,” Ma told reporters in the former British colony, home to a large population of Filipino workers and domestic helpers who send money home regularly. “Bitcoin however could be a bubble,” he added, according to Bloomberg.
Ma went on to say that traditional financial institutions serve 20 percent of the people and make 80 percent of the profits, while new financial institutions should work the other way around.
The price per bitcoin stood at USD 6,309 on Monday, up 6.49 percent in the past 24 hours.