SoftBank CEO Sold His Bitcoin for Heavy Loss: It Was ‘Distracting’

In letter

  • Masayoshi Son, CEO of SoftBank, bought Bitcoin worth $ 200 million in late 2017.
  • After the coin’s price volatility became too “distracting”, Son sold his cache in 2018.
  • While he “doesn’t understand” Bitcoin, Son still believes that the “digital currency will be useful in the future”.

Masayoshi Son, founder and CEO of SoftBank Group, admitted that he lost $ 50 million selling his Bitcoin (BTC) in 2018 – because the volatility of the coin was too “distracting”. To this day, he still doesn’t “understand” crypto, noted Son during The New York Times DealBook Conference On Wednesday.

Recalling that time, Son said a friend suggested investing 1% of his personal wealth in bitcoin. He did so in late 2017, an amount that was “about 200 million”. After purchasing the coins, Son quickly realized how volatile the price of Bitcoin was and spent at least five minutes each day examining the price fluctuations.

In the end, his investment was “distracting” [his] own focus on [his] own business, “noted Son, and sold the coins in early 2018, losing around $ 50 million by his own estimate. A report by The Wall Street Journal suggested that Son was loss closer to $ 130 million.

“I feel so much better,” said Son of the sale, adding, “I think digital currency is going to be useful. But I don’t know what digital currency, what structure and so on.”

According to WSJSon bought his BTC in late 2017 – during the coin’s historic bull run, which culminated in Bitcoin’s all-time high of nearly $ 20,000. However, since January 2018, the price of BTC has gradually gone down, falling to around $ 4,000 in December.

As Decrypt reported Bitcoin has market capitalization recently exceeded that of Mastercard amid the ongoing bull run of crypto. According to Assetdash, it now ranks 16th among the top assets in the world.

The BTC price rally has continued to gain momentum since PayPal’s first payment call announced that it enables its customers to buy, sell and hold cryptocurrencies. That and a many other reasons.