The Chinese government has been very aggressive in its crackdown on crypto. Despite all this, the industry has seen tremendous growth and continues to attract the attention of many. Joe Tsai is the executive vice-chairman at Alibaba Group, a Chinese e-commerce giant. He recently shared his thoughts on Twitter with three words: “I like crypto.”
Tsai bullish on Crypto
Joe Tsai’s latest comments on crypto have caused a stir in the micro-blogging community. Tsai, a billionaire from Taiwan who also owns Brooklyn Nets in the National Basketball Association (NBA), is for the uninitiated.
Coinbase is an investor in Kevin Durant, Brooklyn Nets’ point guard. Thirty-Five Ventures, the company that Durant plays for in the NBA, recently formed a strategic partnership to support cryptocurrency exchange Coinbase.
Tsai has spoken for crypto before. The exec spoke to Brendan Coffey, Sportico’s Brendan Coffey, back in August about media convergence and sports betting. He also discussed crypto. His words were:
Tsai said, “Media, betting on sports, crypto-we see all these things converging somewhat.” “Sports betting is a topic that can be discussed without considering how it affects your media rights. Maybe injecting a bit of crypto to the betting fan base will be an interesting idea.
Tsai’s recent comments about crypto have not influenced Alibaba’s decision to stay away from the sector. The People’s Bank of China’s strict policy prompted Alibaba to announce that it would no longer sell specialized mining equipment.
It announced that it would stop the operation of two categories, Blockchain Miner Accessories or Blockchain Miners. It also announced that it would ban all cryptocurrencies, including Bitcoin, Ether and Quarkcoin on all its platforms.
2021 is a year that the Chinese war against Bitcoin (BTC), and wider cryptocurrency, became severe. The crackdown on cryptocurrency mining and trading began in May and quickly intensified. This was a devastating blow to the country’s ecosystem. The country’s once vibrant mining industry has been almost completely destroyed by the tightened policies.
It is therefore not surprising that Alibaba’s attempt to get into crypto has ended. The metaverse, however, is another dimension and tech giants in the country like Alibaba are eager to explore the possibilities. Many companies have applied for trademarks related to the metaverse.
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