SoftBank Boss Glad to Be out of Bitcoin, But His Firm Is Still in the Game

Masayoshi Son, CEO of Softbank. Source: A video screenshot, Youtube / David Rubenstein

The CEO of SoftBank – one of Japan’s largest conglomerates and a company with multiple crypto interests – said it suffered a multi-million dollar loss from the sale of its Bitcoin (BTC) holdings in 2018 for “failing to understand” the token and found it distracting him from running his business.

Masayoshi Son, CEO of Softbank, appears to have washed BTC’s hands. tell However, a New York Times interviewer earlier this week who “forgot” how much he lost when he sold his personal stake in BTC estimated it at around $ 50 million. However, in April 2019, the CEO announced that he had lost USD 130 million through a personal BTC investment.

Son added that 1% of his total assets were in Bitcoin as of 2018, and that he bought the token after receiving recommendations about the token from a friend.

However, the CEO claimed that he would frequently spend up to “five minutes a day” looking at Bitcoin prices and eventually decided that he “didn’t understand” the BTC fluctuations and found the whole process too distracting while he was trying to run his business. He claimed that when he ran out of bitcoin holdings, he would feel much better now.

However, Son did not fully write off Token – despite claiming that he is currently focusing his efforts on another Industry 4.0 technology, namely artificial intelligence.

He explained,

“I think digital currency will definitely be useful and I think digital currency will definitely be useful [used in the future]. But I don’t know which digital currency, which structure and so on. I would rather concentrate [on] something I feel passionate about right now is AI. “

Regardless, SoftBank owns the Fortress Investment Group, who had already made a Bitcoin investment in 2013 and earlier this year, expressed interest in buying the bankrupt crypto exchange Mt. Gox. SoftBank also owns Z Holdingswho owns the internet giant Yahoo Japan. And the latter in turn is the operator of the Japanese TaoTao Crypto exchange.

Additionally, Yahoo Japan will merge with another crypto-mad Asian business giant in February next year – Naver Affiliate line, a chat app operator that operates a number of crypto exchanges, including the Japanese Bit max.

Line also has its own blockchain network and has issued its own cryptoasset.

At pixel time (13:47 UTC), BTC is trading at USD 18,213 and is up almost 2% in one day and 12% in one week. The price increased 47% in a month and 129% in a year.

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