Bitcoin Is Hard To Understand - Masayoshi Son Japanese Billionaire

Bitcoin Is Hard To Understand – SoftBank CEO Billionaire

A billionaire technology entrepreneur and CEO of Japanese conglomerate SoftBank Masayoshi Son says bitcoin is hard to understand, saying the most valuable digital asset is “distracting his own focus on his own business”.

Son stated this at the New York Times DealBook conference, where he confessed spending about five minutes each day watching Bitcoin prices fluctuate, Business Insider reported on Nov. 19

Son noted that he was advised by a friend to invest “1% of his personal assets” into Bitcoin, by that calculation, he invested “about $200 million” in BTC.

His revelation came at a time, bitcoin is witnessing more adoption and impressive upward gains amid the cryptocurrency breaking its three-year highs.

Recorded $50 Million Loss

According to him, the recurring distraction prompted him to sell off all his Bitcoin stake, causing losses of around $50 million without regret, saying “I feel so much better”.

Son believes that digital currencies are a useful development and that they won’t go away anytime soon, but says he will focus on other projects.

“I think digital currency will be useful […] But I don’t know what digital currency, what structure, and so on,” the billionaire said.

Son reportedly bought $200 million in Bitcoin in December 2017 when it was near its historic high of $20,000

READ ALSO:  Why is Nigerian authority worried over Bitcoin and other digital currencies?

Unfortunately, he sold his bitcoin in early 2018 when BTC price started plummeting, several billionaires loss fortune at the time.

Son’s revelation is coming at a time bitcoin is set to break $19K all-time high in three years.

At the time of publication, bitcoin is trading at $18,617 on Binance crypto exchange at 1826hours.

2 Replies to “Bitcoin Is Hard To Understand – SoftBank CEO Billionaire”

  1. Bitcoin has come to stay and those who have patience enjoy the best out of it. To get the best leverage, people should resort to DCA as it helps prevent huge losses and also secure their coins very well. That is why I use Bitcoinmix to transact safely.

    1. Hey Nana,
      Sure, bitcoin has come to stay, but newcomers must be wary of its volatility.

      That said, I’ve also heard a couple of things about bitcoinmix. A colleague said it’s one of the most reputable centralized mixer in the space.

      I would like to check it out because there are still mixed reactions about it out there.

Leave a Reply

Your email address will not be published.