Billionaire Masayoshi Son Lost $130 Million On Bitcoin Because He “Doesn’t Understand” How It Works

The world of cryptocurrency can be extremely confusing for outsiders and amateur investors. But don’t feel bad if you think this is too misleading for you to master, as billionaire Softbank CEO Masayoshi Son recently revealed how he lost (according to some reports) $ on his own bitcoin experiment. As much as 130 million, a loss for the fact that he “does not understand” volatile cryptocurrencies.

Unilad reports that the son recently spoke to The New York Times at an online dealbook conference that described how he tried to master bitcoin during his downtime and failed. But the story really broke last year, when The Wall Street Journal reported on Son’s bitcoin investment and exited the world of cryptocurrency trading sometime in 2018.

Koki Nagahama / Getty Images

As the story progresses, a “bitcoin evangelist” and son’s friend encouraged him to invest at least one percent of his wealth in bitcoin, which at the time came to about $ 200 million. After spending, he says it was about five minutes to check for occasional sudden drops of bitcoin and spikes in value, he found that it was “focusing its attention on its own business” and Decided to cash out. Son’s own loss is estimated at $ 50 million, but finance news outlets have close to $ 130 million, but regardless of the final tally, Son says he has no regrets about leaving bitcoin to experts, And she felt that after speaking “so much better”. He also does not dismiss the potential value in cryptocurrencies like bitcoin, even though bitcoin itself has expired:

“I think digital currency would be useful. But I don’t know what digital currency is, structure, and so on.”

Bitcoin has seen some good news recently, though with record high prices and the announcement that PayPal users are now able to deal in bitcoins on the platform. But you still can’t see Masayoshi son making any major investment in it anytime soon.

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