🚨Breaking! Jack Ma bought 20 billion BTC!
I have to say that some unscrupulous media really know how to hype things up; this has even become a trending topic.
Let's analyze whether Jack Ma actually needs to buy Bitcoin from a practical perspective.
1. Analysis from Bitcoin's market value
Let's take the market value as of May 1, 2020: each Bitcoin was priced at around 63,000 RMB. The total market value of Bitcoin is 1.15 trillion RMB.
Alibaba's market value: 540 billion USD = 5400 * 7.09 = 38,286 billion RMB.
Currently, Bitcoin is already considered high, yet the total Bitcoin is still less than one-third of Alibaba's value.
2. Does Jack Ma need to buy Bitcoin?
If Jack Ma were to create a cryptocurrency himself (which would be quite simple for him), it might not exceed Bitcoin's market value. However, it wouldn't be far off either. All Jack Ma has to do is say a word, stating that this cryptocurrency is issued by him. Many people would then exchange Bitcoin for this currency. Jack Ma doesn't need to spend money to buy it! He could acquire an extremely large amount of Bitcoin (more than 20 billion, of course), which is the essence of the crypto world! The harsh reality is that Jack Ma doesn't need to spend money to buy it.
3. The value of Bitcoin
Current main values:
First, financial products (trading, contracts).
Second, it serves a certain international currency function. Holding Bitcoin allows for easy conversion into various fiat currencies.
Third, payment function. The fact that ransomware demands Bitcoin shows this point. You can even use Bitcoin to buy anything you want.
Finally, the dean has been consistently observing Ethereum puppies, feeling they have great potential and are worth the wait!
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