Billionaire and SoftBank chief Masayoshi Son, who lost a large sum on Bitcoin purchases, spoke about investments in cryptocurrency at the DealBook conference.
According to Son, a friend advised him to invest 1% of his personal assets in Bitcoin. According to Forbes, his wealth exceeds $30 billion.
The SoftBank chief said he did not really understand Bitcoin, but nevertheless invested in the cryptocurrency. After investing, Son began to monitor the fluctuations in Bitcoin’s price daily, which, he claims, quickly tired him. Subsequently he sold the assets.
The billionaire noted that the investments distracted him from his own business.
Son also believes that digital currencies “will be useful,” but he will focus on other projects.
As reported by media outlets, the SoftBank chief made a large bet on Bitcoin during its price peak, leading to losses of more than $130 million.
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