Masayoshi Son, Softbank’s CEO, said he “doesn’t understand” Bitcoin (BTC) and that he spent much of his time following price movements while investing in the cryptocurrency.
Billionaire on Bitcoin
Softbank is a Japanese conglomerate that has shares in various tech companies and is also active in the energy and financial sector. Son reportedly has $ 30 billion in net worth, making him Japan’s second richest man.
Son talked about Bitcoin on the New York Times DealBook Conference. He says his friend recommended that he invest “1% of his personal assets” in Bitcoin. And so it happened: it sounds like a miniscule amount, yet it amounts to “about $ 200 million”.
After he did this, the ‘FOMO’ struck. Son says he watched the fluctuating price for about five minutes every day. He said it distracted him from his other things he had to do.
This distraction and false focus caused Son to sell his Bitcoin again, losing an estimated $ 50 million. It is also rumored that this amount would be much higher, even around $ 130 million.
Although Son is happy that he is done with Bitcoin, he does not think the crypto coin will disappear along with the other digital currencies any time soon.
Son clearly saw Bitcoin as an investment, through which and through which he was looking for returns on a daily basis. Perhaps he was looking at the crypto coin from the wrong glasses, given that more and more people see it as a ‘savings account’ instead of an ‘investment’.
Son can officially join a list of billionaires and millionaires who have (had) Bitcoin. In the last month more and more bad guys have come out about the allocation of their assets in Bitcoin.
Recently it were Stanley Druckenmiller and the Mexican Ricardo Pliega. We also know that Chamath Palihapitiya, Jack Dorsey, Michael Saylor, Paul Tudor Jones and Eoghan McCabe are embracing the cryptocurrency.
Palihapitiya recently came up with a tip, which had also come in handy for Son. The billionaire has had Bitcoin in his pocket since 2013, and gives the following advice: don’t focus too much on the price.
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