The Chinese billionaire Jack Ma is giving a warning about BTC and says that “Bitcoin is a bubble” the world may talk about bitcoin but the Jack believe that one day BTC will fall down as there is no big future of BTC anymore according to time.
At an event where the co-founder of e-commerce giant Alibaba, Jack Ma appeared spoke about the blockchain and there itself he warned about bitcoin. while speaking at an event in Hong Kong.
He said he was always in a favor of cryptocurrency and blockchain technology but now have strongly recommended using cryptocurrency form wisely like investing in bitcoin, Ripple, and other cryptocurrencies.
Mr. Jack Ma told reporters that why he feels so unsafe and unstable to BTC:
“Blockchain technology could change our world more than people imagine. It must be used to solve data privacy, security and sustainability issues”
“Technology itself isn’t the bubble, but bitcoin likely is. It is not right to become rich overnight by betting on the blockchain.”
He warns about the change in bitcoin price day by day how the value of BTC is diminishing day by day as the bitcoin hacks cases are increasing so because of fear people has stopped investing in BTC, as a result, the value is decreasing from a couple of days.
The issues occur when the investors started feeling unsafe investing in Bitcoin after the attacks on South Exchanges Bithumb and Conrail.
Jack Ma says:
“Technology itself isn’t the bubble, but bitcoin likely is.”
The market is still not bullish the bear cycle has not ended yet the market continuously has seen big losses.
Bitcoin has increased more than 1,300 percent last year highly near $ 20,000.
The price has almost fallen to half of the price of the previous year, the currency has fallen around 50% to $6,280 according to CoinDesk.
Not only Jack Ma but Luis Carranza, founder of London Fintech Week, also commented the too many reasons to be ‘optimistic’ about Bitcoin.
He expressed his views regarding BTC price comparing from this year and other previous years.
“Cryptocurrency is unpredictable. There are massive spikes and drops.”
“$4500 could be the bottom, but there is nothing preventing $2500 from being the bottom.”
But as “the crypto becomes more trending the price will level up the price will rise, even if the price drops down to $1000 to $10,000”.