Last updated on August 26th, 2022 at 03:32 pm
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
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.