Crypto currencies will be useful but Bitcoin is hard to understand, says SoftBank CEO

Crypto currencies will be useful but Bitcoin is hard to understand, says SoftBank CEO

Son Masayoshi believes that Bitcoin was „distracting his attention from his own business“.

While the current upward trend in cryptomonies is driving their adoption, some billionaire investors still believe that Bitcoin (BTC) is a kind of distraction.

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Masayoshi Son, a multi-million dollar technology entrepreneur and CEO of the Japanese conglomerate SoftBank, said he „doesn’t understand“ Bitcoin in the midst of cryptomongering breaking its three-year high.

Speaking at the New York Times DealBook conference, Son said he thinks investing in Bitcoin „distracts from his own business focus,“ Business Insider reported on November 19.

Son said he would spend about five minutes each day watching Bitcoin prices fluctuate. He said a friend told him to invest „1% of his personal assets“ in Bitcoin, which means he invested „about $200 million.

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The billionaire admitted that the recurring distraction led him to sell his entire holding company in Bitcoin, causing him to lose about $50 million. „I feel much better,“ Son said.

Son stated that digital currencies are a useful development and will not disappear soon, but will focus on other projects. He commented:

„I think digital currency will be useful […] But I don’t know what digital currency, what structure, etc.“
It was reported that Son bought Bitcoin when it was near its historic high of $20,000 in December 2017. As previously reported, Son allegedly lost millions when it sold the cryptcoin in early 2018, when the price of Bitcoin began to plummet.

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Son’s latest comments come amid a major upward trend in the cryptomone markets, with Bitcoin slowly approaching $20,000. At the time of publication, Bitcoin is trading at $18,227.