Famous billionaire Masayoshi Son answered questions about his Bitcoin investment long ago at a conference. The CEO explained that he could not stand the high volatility of Bitcoin and therefore sold all of his BTC.
Masayoshi Son, CEO of the Japanese company Softbank and considered the second richest billionaire in Japan, broke his silence about Bitcoin investment at the online DealBook conference he attended. Masayoshi Son said that he invested about 1% of his assets in Bitcoin, but he was very distracted due to the very high price volatility. Stating that he could not stand this situation any longer, Son announced that he sold all of his Bitcoins.
Host Andrew Sorkin reminded the famous billionaire about the Bitcoin investment he made years ago and asked his opinions, emphasizing the rising price of Bitcoin now. According to U.Today, Masayoshi Son invested in Bitcoin in 2017 by listening to his friend’s advice. The billionaire, whose net worth was estimated to be around $ 31.9 billion at the end of 2017, bought BTC with 1% of his fortune. Son talked about the Bitcoins he sold:
“I have invested 1% of my assets in Bitcoin. I was looking at prices every day and watching them move up and down. But I realized that this is not something I can understand. I couldn’t look at prices per minute every day. That’s why I decided to sell it and lost maybe 50 million dollars. But I felt better when I bought it because I was spared doing something I didn’t understand.
The future of cryptocurrencies is bright
The famous billionaire stated that he believes that digital assets and cryptocurrencies will be more used and beneficial in the future with the increase of security. While saying this, he said that he did not know which digital assets would be useful because he had no idea about their structures.