CEO who lost $ 50 million: “I don’t understand Bitcoin”

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Masayoshi Son, Founder and CEO of the Japanese group of companies Softbank Group, said that he did not understand Bitcoin and lost $ 50 million in BTC after high buying and low selling.

Speaking at the New York Times DealBook conference, the 63-year-old Japanese billionaire said he believes digital currencies will be in prominent places in the future, but that he is avoiding Bitcoin for the time being. After being proposed to allocate 1% of his portfolio to Bitcoin, he announced in late 2017 that he had purchased $ 200 million worth of cryptocurrency at an all-time high of about $ 20,000.

Stating that he started to follow the daily price of Bitcoin due to his investments, the famous CEO stated that he decided to sell his Bitcoins because he distributed the focus of this situation and kept him away from his own business. With the entry of Bitcoin into the bear market in December 2017, the famous CEO who sold at low levels explained this as follows;

“Since I lost my focus, I decided to sell at whatever price and sold it at a little loss. I think I lost 50 million dollars, I don’t know exactly. ”

The billionaire CEO added that he does not understand how Bitcoin works and prefers to stay away from it for now, but believes digital currencies will play an important role in the future. However, Son stated that he has no idea which digital currency or which structure is what.

During the conference, Son also stated that he regretted not having an early investor in Amazon.

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“Jeff Bezos gave me the chance to buy 30% of the company before it went public, but I did not accept it, I regret missing this opportunity.”


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