Alibaba Rumored To Have Bought $20 Billion In Bitcoin – Will This Come To Fruition?

By Olivia Brooke – May 2, 2021

The first-day moon of the second quarter of the year is unfolded on a bullish note for the cryptocurrency community. Bitcoin has started correcting losses as it heads for a price retest at $60,000, while Ethereum closed the month of April above $2800, encouraging investors to pay attention to the asset as it makes its way to the long-awaited $3000 price mark.

BTCUSD Chart By TradingView (Click image for larger view)

All of these market moves are bullish for the community, but Bitcoiners are taking it even further as they keep their fingers crossed for when the China-based E-commerce company Alibaba, finally announces its official Bitcoin purchase, which rumors claim to be worth $20 billion.

Did Alibaba Really Spend $20 Billion On Bitcoin?

The rumor on the streets of crypto Twitter is that the E-commerce giant has garnered a fair share of Bitcoins for its company. Fair share because it would only be right that Alibaba joins its peers globally in the race for Bitcoin ownership before the market begins to record institutional congestion. The rumors are coming in following the announcement from the company that its 2021 Q1 earnings report will hit the market on the 13th of May.

Jack Ma, executive chairman of China’s tech conglomerate Alibaba Group Holding Ltd

Alibaba Group Holding Limited (NYSE: BABA and HKEX:9988, “Alibaba) revealed that before the U.S market reopens, on the 13th of May 2021, which is on a Thursday, it will announce its first-quarter financial results, which will be unaudited. A conference call where the financial results will be discussed is to precede the earnings reveal on the same day, at 7:30 p.m Hong Kong Time.

Like every other Quarterly finance report, it will include the significant total figures reflecting the company’s growth over the first period of the year. It is expected by the cryptocurrency community members that the company at lists its Bitcoin returns, that is of course if the rumors are true, and if the purchase was made much earlier.

No official source has verified or kicked against the rumors, but key players in the Bitcoin community had a few things to say.

“Heard a rumor that Alibaba is buying $20 billion in BTC. “quizzed Blockchain and Crypto enthusiast Nikita Sachdev. CNBC’S Ran Neuner also tweeted what could be interesting as him implying that the rumors were true. “USA: Tesla buys $1,5bn in Bitcoin. China: Alibaba, hold my beer.” he wrote.

It is possible that Alibaba may have bought some Bitcoin, even though its Chairman Jack Ma had branded the asset a bubble. As we’ve seen before, the likes of JPMorgan and many other mainstream firms have offered Bitcoin services to their customers, while their leaders have been bearish or neutral about the asset.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe