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Billionaire and vice chairman of Alibaba like crypto.
Joe Tsai, a billionaire with a net worth of $8.7 billion and Alibaba vice-chairman, shared a cryptic tweet. The tweet wrote, “I like crypto”.
I like crypto
— Joe Tsai (@joetsai1999) December 28, 2021
At first glance, the statement doesn’t sound that interesting. However, Joe Tsai is the executive vice-chairman of Alibaba Group, one of the largest e-commerce corporations in the world.
Alibaba Group is a firm based in China, a country that does not hesitate to pressure private companies. China has also completely banned cryptos this September.
The country also made corporations fall in line. Alibaba still bans the sale of crypto-related hardware and software. Tsai, who also owns the NBA team Brooklyn Nets, seems to defy the Chinese authorities. But, as Alibaba’s founder Jack Ma would know, that is a dangerous thing to do.
Jack Ma Defies China
Tsai was born in Taipei, Taiwan, and later became a Canadian citizen. He graduated from Yale University in 1991. and met the Chinese business magnate Jack Ma in 1999. The two were among the co-founders of Alibaba.com.
Jack Ma, a founder of Alibaba, also spoke out against the government. Last year in October, the latest venture of Jack Ma, Ant Group, prepared to make the most extensive initial public offering ever seen on the stock exchange.
In preparations for the release of their IPO, Ma made a controversial speech. The speech criticized the financial systems of China, calling out Chinese banks to have a pawnshop mentality.
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.
Similarly, his speech commented on outdated Chinese regulations still in use.
Good innovation is not afraid of regulation, but is afraid of being subjected to yesterday’s way to regulate.
Soon after, on November 3 of 2020, Shangai Stock cancelled the Ant Group IPO. This action proved to be very damaging to Ma and his company’s finance. Shares of Alibaba fell by more than 8%, costing Ma $3 billion.
Furthermore, the finance magnate vanished for three months. Following the event, many wondered if Ma was kidnapped or even alive. However, Ma did reappear twice since October but has kept a low profile ever since.
Alibaba And Crypto
No matter what its founders may think, Alibaba had to buckle under pressure from Chinese authorities. Unfortunately, that also includes crypto regulation.
Following the Chinese ban of crypto in September, Alibaba followed suit and banned all sales of mining rigs. Moreover, the e-commerce giant prohibited all use of crypto on its platforms. The banned crypto included Bitcoin, Litecoin, and Ethereum.
Before its ban on selling the mining rigs, Alibaba was the largest supplier of mining gear in China. Furthermore, the corporation prohibited mining software. Similarly, all platforms in the group stopped selling tutorials on obtaining digital assets. The group will impose penalties on anyone who breaks or tries to bypass the rules.
The original idea behind Alibaba was business to business (B2B) marketplace site. Years later, in 2014, the area became the largest B2B platform globally for small businesses.
Moreover, Alibaba developed Taobao Marketplace, a customer to customer (C2C) shopping platform. The platform would later become the largest C2C online platform in China.
Similarly, the group holding hosts Tmall, also known as Taobao Mall. This marketplace is a business to customer (B2C) online retailer. According to Alexa Rank, the site is the third most visited website globally for 2021. The site has 500 million active users.