Joe Tsai, the Executive Vice-Chairman of Chinese conglomerate Alibaba Group, has expressed his likeness for digital currencies in a tweet in which he professed, “I like crypto.”
While it is not uncommon to find traditional business leaders expressing affirmation for the developing world of cryptocurrencies, Joe’s declaration comes as a shock to the crypto world in part because Alibaba has no clear-cut interest in digital currencies as a company.
The growth in the digital currency ecosystem has seen many institutional investors wade into the growing ecosystem. Business intelligence and software firm MicroStrategy Incorporated is undoubtedly leading the charge in this regard, with the company holding over 122,478 bitcoins in line with its Treasury Reserve Asset (TRA) policy.
American electric vehicle company Tesla Inc also purchased as much as $1.5 billion worth of Bitcoins back in the first quarter of the year, marking a more aggressive push by corporations to take a cut of the pie. From the U.S. to China, it is gradually becoming a primary trend to have companies buy BTC. However, many of these decisions are typically not vested on the primary figurehead of the company.
This has given leverage to company executives to chart their course in terms of BTC acquisitions. A prominent example is Michael Saylor, the CEO of MicroStrategy Incorporated who has his own personal Bitcoin holdings, different from those of his company. As reported by Blockchain.News, Saylor said he holds 17,732 bitcoin, confirming that he walks the talk that Bitcoin is a less risky asset when compared to gold.
While Joe Tsai did not confirm through his tweet that he holds any digital currency, it will no longer be shocking to the world if he comes out to make this declaration. For now, there is an expectation that more mainstream business leaders and companies will make their way into the BTC ecosystem as digital assets, in general, are flashing stability across the board.
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