- SoftBank CEO recently admitted that he previously had $200 million invested in Bitcoin.
- However, he sold at a loss since the investment was becoming distracting due to fluctuations.
The largest digital currency, Bitcoin, got more popularity following the recent surges in its price since October. Many prominent investors and businesspersons recently invested in the cryptocurrency. However, some other people like SoftBank CEO, Masayoshi Son, have decided to stay from the cryptocurrency due to their past experience. However, he still believes in the potential of digital currencies in the near future.
SoftBank CEO sold his early Bitcoin at lost
Masayoshi recently disclosed in The New York Times DealBook conference that he was once among Bitcoin early investors. SoftBank CEO invested millions of dollars (one percent of his personal assets) in the cryptocurrency as strongly recommended by his friend. However, the investment wasn’t a sure bet for Masayoshi. According to him, he didn’t understand Bitcoin; hence, it was such a distracting asset for him to hold, especially due to the high volatility in Bitcoin.
The SoftBank CEO said he regularly checked his investment in Bitcoin, which usually goes up and down as the cryptocurrency price fluctuated. Monitoring the investment was distracting, causing him to lose focus on his business. Exiting the Bitcoin investment also caused Masayoshi to sell at about $50 million lost. Reportedly, he invested $200 million in the digital currency. A report from the Wall Street Journal claimed that the CEO actually lost more ($130 million).
Masayoshi believes in crypto still
With the price of Bitcoin currently above $18,000, Masayoshi seems not to be interested anymore in holding the cryptocurrency. He mentioned in the conference that he feels at ease for not holding Bitcoin. He’s more focused on other things, which includes Artificial Intelligence (AI). However, he also believes that digital currency will be useful in the coming years.