This Chinese billionaire falls under the spell of crypto-currencies. He does not share the position of China, which wants to ban them from its territory.
Alibaba and high-level sports: Joe Tsai fan of cryptos
Alibaba’s executive vice president, Joe Tsai, tweeted on December 27, 2021, his love for cryptocurrencies. However, he didn’t give more details about what he meant by “crypto-currencies”: is Tsai talking only about bitcoin (BTC), or does he include DeFi, NFTs?
Tsai is, according to a 2019 New York Times article, “the one who turned ideas into action,” if Jack Ma “is seen as the creative force” in China’s tech industry. Alibaba’s No. 2 is the owner of the Brooklyn Nets, the New York Liberty of the NBA women’s league, and the San Diego Seals of the National Lacrosse League, the North American professional indoor lacrosse league.
Tsai had mentioned in an October 2021 interview his interest in issuing fan tokens for his sports teams.
“It’s been discussed, hasn’t been approved, but people in Europe have already done this with soccer teams in Europe that issue fan tokens that have privileges attached to them.”Joe Tsai
China and its billionaires: disagreements over cryptos
The support of such a prominent Chinese billionaire as Joe Tsai, is all the more remarkable given China’s inherently anti-crypto stance. The country is known for issuing bans against cryptocurrencies. The restriction aimed at miners in May 2021, led to the departure of many crypto companies from the country.
Alibaba had even had to announce in September 2021, the cessation of sales of mining equipment on its platforms. It also banned the sale of crypto currencies like bitcoin, ether (ETH), litecoin (LTC), etc.
China now wants to promote its digital yen. It is waging a war against crypto-currencies on its territory, but will it go so far as to ban its citizens from investing in bitcoin and its cadets, even beyond its borders?
The cryptosphere is seeing more and more billionaires like Joe Tsai publicly posting on social networks, their support for crypto-currencies. This Mexican billionaire even offered a pro-crypto investment tip as a Christmas present, “Run away from fiat, buy bitcoin!”