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Ma Weihua, former president of China Merchants Bank: Bitcoin is just a kind of hype

Finance Sina reported that on July 2, at the first China–European Union Cooperation on Green and Sustainable Finance Forum hosted by China Europe International Business School, Ma Weihua, formerly president and CEO of China Merchants Bank said that Bitcoin is just a kind of hype, without fundamental value and meaning.

Bitcoin continues to be criticized by Chinese officials

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Ma Weihua, formerly president and CEO of China Merchants Bank

He said that if every investment is made from the very beginning of decision-making, that goal will bring economic benefits and social value. Moreover, it can be maximized to reduce management costs and poverty alleviation costs. This is impact investing, also known as sustainability finance and sustainability investing.

“Using commercial power, financial tools, and technology to solve social problems can we achieve sustainable development”, said Weihua.

He pointed out that since the emergence of “green” investment – ESG (Environmental, Social and corporate Governance) investment in 2004, more than 1,000 listed companies in China have announced ESG, but this is not the case. It is not enough, it is necessary to increase this level even higher.

According to Weihua, ESG is not ideal. Because it selects a few companies that excel in the old model utilizing a screening method, many companies create problems when they pursue benefits, then fulfill their social responsibility, take money to solve the problem afterward, and have to pay a lot of administrative costs and poverty mitigation costs.

Weihua believes that impact investing is at a higher level on an ESG basis. In China, it is called social value investment, also known as sustainable development investment. It constitutes today’s green finance, inclusive finance, social enterprise, charitable foundation, and more to create financial sustainability.

Regarding the recent concern about the energy consumption of the cryptocurrency mining industry, Weihua said in an interview with The Paper that Bitcoin is a kind of hype. Many dealers are manipulating the market, and there is no fundamental value and meaning. It’s completely not the same thing.

The funniest thing is that when this news was released, many people commented that China itself is ALSO kinda hyped too. Unlike the other country, it has no fundamental value. There are too many market manipulators, such as self-proclaimed journalists on Twitter.

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