Victor Ugochukwu · Dec 14, 2020 . 5min read
SoftBank CEO fails to understand Bitcoin dynamics even after investing $200 million
SoftBank CEO admitted that he doesn't understand bitcoin dynamics despite previously investing $200 million in it, thus incurring losses.
By Komal Joshi · Nov 21, 2020 . 5min read
Bitcoin, one of the largest digital currency, has gained immense popularity owing to its rise in price since October. Various significant investors and business executives have lately invested in the cryptocurrency. Nevertheless, some other people like SoftBank CEO, Masayoshi Son, have chosen to stay away from the cryptocurrency owing to his experience. He admitted losing $50 million when he sold his Bitcoin (BTC) back in 2018. The reason behind selling bitcoin was distractions caused due to the coin’s volatility. SoftBank CEO states that he still doesn’t understand bitcoin dynamics, during The New York Times DealBook conference on Wednesday.
SoftBank CEO bought Bitcoin worth $200 Million.
Masayoshi Son stated that he was urged by a friend to fund 1% of his complete portfolio into BTC, which was around $200 million at the time. Notwithstanding the investment, SoftBank CEO stated that he doesn’t understand bitcoin as he employs approximately 5 minutes of his time every day watching the coin’s price fluctuations.
The SoftBank CEO further stated that he constantly reviewed his investment in Bitcoin, which usually fluctuates due to demand and supply. Watching the investment was distracting. Thus, it led to losing focus on his business. Dropping the Bitcoin investment also caused Masayoshi to trade at about $50 million loss. Moreover, he invested $200 million in BTC. According to a report from the Wall Street Journal, the CEO actually lost more ($130 million).
However, despite the price of Bitcoin climbing above $18,000, Masayoshi is no more interested in supporting the cryptocurrency. He discussed in the conference that he seems at peace for not holding BTC. He is concentrating on other things like Artificial Intelligence (AI).
Nevertheless, he also concludes that digital currency will be valuable in the coming years. The exit move by Masayoshi Son might be an unexpected and uncalculated regarding the recent price trend encompassing Bitcoin. With the new surge in Bitcoin price and its predicted future price rise, it doesn’t seem very smart to sell off one’s investments in the same.
Follow Cryptodose for more updates.