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.

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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


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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.