SoftBank CEO Masayoshi Son Says He “Doesn't Understand” Bitcoin
SoftBank CEO Masayoshi Son Says He “Doesn’t Understand” Bitcoin
November 23, 2020
SoftBank CEO Masayoshi Son Says He “Doesn't Understand” Bitcoin
SoftBank CEO Masayoshi Son Says He “Doesn’t Understand” Bitcoin
November 23, 2020

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.”

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.

ALSO READ :  ŠKODA AUTO Digilab India, Tech Mahindra and Tezos India Join Forces To Launch The Century Program With Support From Microsoft India To Identify Blockchain Solutions In Manufacturing

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


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.