The world of cryptocurrencies can be extremely confusing to outsiders and amateur investors. But don't feel bad if you feel like it's too confusing for you to master, since billionaire Softbank CEO Masayoshi Son recently told the story of how he lost (by some reports) as much as $130 million on his own Bitcoin experiment, a loss that he attributes to the fact that he "doesn't understand" the volatile cryptocurrency.
Unilad reports that Son recently spoke at the online DealBook conference from The New York Times, sharing how he tried and ultimately failed to grasp the complexities of Bitcoin during his downtime. The narrative about his experience first emerged last year when The Wall Street Journal covered Son's Bitcoin investment and subsequent exit from the world of cryptocurrency trading around 2018.
In a surprising turn of events, a "Bitcoin evangelist" and a friend of Son's encouraged him to invest at least one percent of his assets into bitcoins, which at the time amounted to about $200 million. After dedicating what he claims was about five minutes a day to monitoring Bitcoin's unpredictable drops and spikes in value, he found it distracting and ultimately decided to cash out.
| Detail | Information |
|---|---|
| Name | Masayoshi Son |
| Position | CEO of Softbank |
| Bitcoin Investment Loss | $50 million to $130 million |
| Investment Year | 2018 |
| Key Quote | "I think digital currency will be useful. But I don't know what digital currency, what structure, and so on." |
What You Will Learn
- The complexities of investing in cryptocurrencies through Masayoshi Son's experience.
- Insights into how even experienced investors can struggle with the volatile nature of Bitcoin.
- Key lessons on the importance of understanding any investment before diving in.
- The potential future value of digital currencies and the caution needed when investing.
Bitcoin has recently seen some positive developments, such as record-high prices and the announcement that PayPal users can now transact in bitcoins. However, despite these advancements, it seems unlikely that Masayoshi Son will make any significant investments in Bitcoin again anytime soon.
