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- Joe Tsai, the executive vice-chairman of the Chinese multinational Alibaba Group, is a fan of cryptocurrency.
“I like crypto,” Tsai tweeted surprisingly on Monday night.
Tsai also owns the Brooklyn Nets in its whole. In 2019, he purchased a reported $2.35 billion by the NBA team from Russian billionaire Mikhail Prokhorov, a league record at the time. Tsai also owns the WNBA’s New York Liberty and the National Lacrosse League’s San Diego Seals.
Binance CEO Changpeng ‘CZ’ Zhao responded quickly to the post, saying, “I like Joe.”
Joe Tsai is the second guy after Jack Ma, the creator of the Chinese e-commerce company, at Alibaba. Furthermore, the Chinese government has frequently attempted to limit the use of cryptocurrency by major Chinese technology businesses.
“In China’s IT business, Ma is seen as the creative force, while Tsai is regarded as the one who put ideas into action,” the New York Times stated in 2019.
Following China’s crypto crackdown in September, Alibaba declared that it will no longer offer special mining equipment in its marketplace. The company also bans cryptocurrencies such as Bitcoin, Ethereum, and Litecoin on its platforms.
Alibaba’s Crypto Initiative
Despite Tsai’s recent crypto statements, Alibaba has avoided the industry. In response to the People’s Bank of China’s hard-line, the e-commerce company stated in September that it will stop selling specialized mining equipment.
The year 2021 will be remembered as the year when China’s battle against Bitcoin (BTC) and cryptocurrencies in general began. The crackdown on cryptocurrency mining and trading began in May and quickly grew in intensity. It dealt severe damage to the country’s environment. The strict new rules have practically wiped out institutional bitcoin mining, which was once booming industry.
- The company has announced that it would stop production in two areas: blockchain miner accessories and blockchain miners. It has also banned the usage of all cryptocurrencies on its websites, including Bitcoin, Ether, Quarkcoin, and Litecoin.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
