“Blockchain could change the world, but Bitcoin is a bubble”: Jack Ma

Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile crypto-currency as his Ant Financial on Monday launched blockchain-based money transfers between Hong Kong and the Philippines.

“Traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit,” said Ma.

“Blockchain technology could change our world more than people imagine, Bitcoin however could be a bubble.”

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