Masayoshi Son, CEO and founder of SoftBank Group, reveals that he lost almost $50 million on Bitcoin as he did not understand it well. But he admits that cryptocurrency is the future of the financial world.
Investment of $200 Million in Bitcoin
While speaking at a conference, Son unveiled his bet over the world’s leading asset in the past but ended his deal of cryptocurrency after a loss of $50 million. When the price value was hovering at around $20,000, an all-time high value, he invested $200 million in purchasing the top digital asset and dedicated 1% of his portfolio to it. But soon after that value made a downward shift and he sold its holdings after a loss of $50 million.
He explained the reason why he sold BTC holdings as it distracted its attention from the main business. In order to focus on his business, he converted crypto assets again into fiat. According to Son’s revelation at the New York Times’ conference:
“So I said I would sell whatever the price, and I sold with some loss, maybe I lost $50 million, I don’t know…I forgot.”
Away from Cryptocurrency
He further explains that he wanted to remain away from it after then because he did not understand the crypto markets well. Besides his distance from the cryptocurrency since that time, he admits there is a bright future of digital currency but will remain away from it due to lack of understanding. Rather, he will set his focus on Artificial Intelligence which is his passion.
Son also revealed that Jeff Bezos served him an offer to buy 30% of Amazon which he regretted the most. Now Jeff Bezos is the richest person on the earth due to Amazon.
There are now many Bitcoin billionaires who bought Bitcoin at low rates but got rich after it reached an all-time high value. But there are people who have suffered a loss as they did not hold crypto assets for a long time.