Joe Tsai Likes Crypto, He’s Executive Vice-Chairman of Alibaba Group

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Key takeaways:

  • Joe Tsai, a billionaire with an estimated net worth of $8.7 billion and the vice-chairman of Alibaba, sent out a mysterious tweet. “I like crypto,” the tweet stated.
  • Following China’s crypto prohibition in September, Alibaba followed suit by prohibiting the selling of mining machines. Furthermore, the e-commerce behemoth outlawed the use of cryptocurrency on its sites. Bitcoin, Litecoin, and Ethereum were among the cryptos that were prohibited.
Joe Tsai Likes Crypto
Joe Tsai Likes Crypto

The Chinese government has done everything possible to combat bitcoin. Despite this, the sector has grown immensely and continues to captivate many people. Zhou Tsai, the executive vice president of Alibaba Group, the Chinese e-commerce giant, is the latest to express his feelings on Twitter in three simple words: “I like crypto.”

Changpeng ‘CZ’ Zhao, the CEO of Binance, was quick to respond to the tweet, saying, “I like Joe.”

The latest news from Joe Tsai, who made a comment on cryptocurrencies, has sparked a frenzy on social media. Tsai, for those unfamiliar with his name, is a Taiwanese millionaire who also owns the NBA’s Brooklyn Nets (NBA).

Kevin Durant, a sniper for the Brooklyn Nets, turned out to be a Coinbase investor. Thirty-Five Ventures, the NBA star’s company, recently struck a strategic agreement with a cryptocurrency exchange.

Nonetheless, this isn’t the first time Tsai has come out in favor of crypto. In an August interview with Sportico’s Brendan Coffey, the executive cited media convergence, sports betting, and cryptocurrency. His exact words had been, “THE MEDIA, SPORTS BETTING, CRYPTOCURRENCY – WE SEE ALL OF THESE THINGS CONVERGE A LITTLE,” TSAI EXPLAINED. “THESE DAYS, YOU CAN’T TALK ABOUT SPORTS BETTING WITHOUT THINKING ABOUT HOW IT AFFECTS YOUR MEDIA RIGHTS. AND, PERHAPS, FOR FANS OF BETTING WILL BE INTERESTED IN THE INJECTION OF SOME CRYPTOCURRENCY. “

Nets governor Joe Tsai talks about how he sees the Nets’ business future — as well as what he sees on the court — and how the two intersect in the same conversation. In the end, Tsai tells Coffey that there’s a lot more value that can be taken from the Nets, but that winning is the most important factor.

Tsai stated, “We need to win a championship.”

Winning is crucial in sports, according to Coffey, because it adds value to media, betting, and blockchain efforts down the road.

Despite Tsai’s most recent comments on cryptocurrency, Alibaba has stayed away from the business. In September, the e-commerce giant said that it will no longer promote specialized mining equipment due to the People’s Bank of China’s strict stance.

The corporation announced that it will cease operations in two categories: Blockchain Miner Equipment and Blockchain Miners. It then went on to ban all cryptocurrencies, including Bitcoin, Ether, Quarkcoin, and Litecoin, across all of its platforms.

The Chinese battle on Bitcoin (BTC) and other cryptocurrencies accelerated in 2021, according to reports. In May, the government began a crackdown on cryptocurrency mining and trade, which swiftly escalated. The country’s ecosystem suffered a severe setback as a result of this. The new policy was once a flourishing mining scene that threatened to wipe out institutional bitcoin mining.

Alibaba’s founder, Jack Ma, has also spoken out against the government. In October of last year, Jack Ma’s latest company, Ant Group, planned to launch the largest initial public offering ever seen on the stock exchange.

“ We must change the pawnshop mentality of today’s finance and rely on the development of a credit-based system. Today’s banks continue to have a pawnshop mentality. Collaterals and warranties are pawnshops.”

In a similar vein, his speech made reference to old Chinese regulations that are still in force. “Good innovation is not afraid of regulation, but is afraid of being subjected to yesterday’s way to regulate”

Ma gave a provocative speech as part of the company’s preparations for its first public offering. The speech slammed China’s financial systems, accusing Chinese banks of having a pawnshop mindset.

As a result, it’s not surprising that Alibaba’s cryptocurrency experiment has come to a stop, at least for the time being. The metaverse, on the other hand, is a completely different scale, and the country’s tech behemoths, such as Alibaba, are engrossed in exploring the possibilities. 

Alibaba Group Holding created a new company in Beijing called Yuanjing Shengsheng on December 14 to test the metaverse’s gaming possibilities, the latest hint that China’s Big Tech corporations are doubling down on what many views as the internet’s future.

According to public registration tracking firm Tianyancha, the new unit, which is completely controlled by Alibaba’s investment arm, has declared software development and services as its main activity. It has a registered capital of 10 million yuan (US$1.6 million). According to a claim by Chinese media outlet Chinastarmarket.cn, citing unnamed Alibaba employees, the unit’s business is tied to the metaverse.

Alibaba was China’s top provider of mining equipment before its ban on selling the rigs. Furthermore, the company forbade the use of mining software. Similarly, none of the platforms in the group sold tutorials on how to get digital assets. Anyone who breaks or attempts to circumvent the rules will face consequences from the organization.

Alibaba was founded on the concept of a business-to-business (B2B) marketplace. After a few years, the area became the world’s largest B2B platform for small firms in 2014.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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