Jack Ma, the billionaire founder of Alibaba (BABA), declared on Monday that he believes Bitcoin is a potential bubble, warning investors who bet on the speculative digital asset class.

While speaking at the launch event for cross-border money remittance solution based on distributed ledger technology built by Ant Financial, a subsidiary of Alibaba, Ma praised the blockchain while blasting the digital currency that sits on top of it.

Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble.

This wasn’t the first time Ma shared his pro-blockchain, anti-bitcoin sentiment. While speaking at the second World Intelligence Congress held in Tianjin last month, Ma relayed essentially the same message.

Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is a bubble

Today’s Ant Financial announcement was notable, as the new blockchain money remittance service for the AlipayHK wallet provides the first solution for transfers between Hong Kong and the Philippines, which is the world’s third largest remittance market.

Touching on the launch, Ma emphasizes that the new service will enable near-zero fee transactions, which is drastically different from the current rates, which can add up to upwards of about HKD$18 in Hong Kong.

According to the announcement, Ma launched the new service after failing to close the acquisition of MoneyGram (MGI), a Dallas-based remittance service company, after the United States blocked the transaction.

At the time we wanted to [buy] MoneyGram and overhaul it to help people all over the world solve this issue. Due to reasons from the US our deal with MoneyGram did not succeed, so I said, ‘Let’s make one better [than MoneyGram]’ that uses the most advanced technology.

While Ma’s bet on the future of the blockchain is clear, time will tell whether or not his prediction of bitcoin’s valuation bubble will come to fruition.

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