SoftBank CEO Doesn’t Understand Bitcoin Despite Investing $200 Million
Having money to buy Bitcoin is one thing, but understanding it is another. Although Bitcoin’s concept comes easy to some, others like billionaire Masayoshi Son still struggle to comprehend the idea even after investing millions in the cryptocurrency.
Masayoshi Son, the CEO of Japanese conglomerate SoftBank, revealed yesterday that he “doesn’t understand” Bitcoin. But surprisingly, Son once invested $200 million in the digital asset.
The Price Checking Habit
Speaking at the New York Times DealBook conference, the billionaire noted that he invested after a friend advised him to invest 1% of his net worth into the cryptocurrency.
After the investment, Son said he would spend about five minutes each day looking at Bitcoin price flaunting, a common habit among many bitcoin and crypto investors.
The CEO said doing the non-stop price checking routine distracted him from focusing on his own business.
Selling At A Loss
Son further noted that the unhealthy habit forced him to sell his BTC stake at a huge loss of $50 million. However, other reports suggest that the billionaire lost up to $130 million because he bought bitcoin when the asset was trading near the 2017 high of $20,000 and sold during the dip in 2018.
While many would regret their action as BTC is looking all set to return smash the 2017 high, Son said exiting his Bitcoin position made him “feel so much better.”
“At least now I don’t have to put my mind into something I don’t understand,” he added.
Son’s lack of understanding of how Bitcoin works did not prevent him from appreciating the technology. The billionaire believes cryptocurrencies are here to stay as more companies continue to adopt digital assets.
“I think a digital currency will be useful. I don’t know what digital currency, what structure, and so on,” he concluded.