Masayoshi Son, the CEO of the Japanese conglomerate SoftBank, claimed that he “doesn’t understand” Bitcoin amidst the cryptocurrency breaking its three-year highs.
It has been reported by Business Insider that Son said that he found Bitcoin investment to be “distracting his own focus on his own business.”
Son further said that he would spend about five minutes each day watching Bitcoin prices fluctuate, as he noted that he was told by a friend to invest “1% of his personal assets” into Bitcoin, meaning he invested “about $200 million.”
#Bitcoin and other #crypto aren’t going away anytime soon, @SoftBank CEO says despite losing millions of dollars in his unfortunate BTC investment https://t.co/SBUv0dGbIQ — Cointelegraph (@Cointelegraph) November 20, 2020
However, the billionaire admitted that the recurring distraction triggered him to sell his entire Bitcoin stake, causing losses of around $50 million.
He said:
“I feel so much better.”
Likewise, Son stated that digital currencies are a useful development and that they won’t go away anytime soon, but he will focus on other projects.
He added:
“I think digital currency will be useful […] But I don’t know what digital currency, what structure, and so on.”
Furthermore, Son bought Bitcoin when it was near its historic high of $20,000 in December 2017. Also, he allegedly lost millions by selling the cryptocurrency in early 2018 when the Bitcoin price subsequently started plummeting.
Thus, Son’s latest remarks come amidst a major bullish trend in crypto markets, with Bitcoin inching closer to $20,000.
Source: Cointelegraph