A Japanese billionaire running a bank stated that Bitcoin to him is rather a distraction instead of a fair investment product.
The news report revealed that Masayoshi Son, CEO of SoftBank Japan, said that his focus is on his business. However, a few of his friends suggested him to re-buy Bitcoin which he told is distracting him from his priorities.
Son told that he is aware of Bitcoin’s bullish run these days and he is aware that a lot of businessmen around the world are investing in Bitcoin. But to him the overall concept of Bitcoin is something way above his understanding, he told.
It was reported that Son had invested in Bitcoin in the year 2017. At that time he had invested millions in the coin and bought per coin for US$ 20,000. However, after his purchase, Bitcoin’s price went low subsequently. Though he was advised not to sell the coins but he sold them in 2018. Resultantly huge loss of millions of dollars was caused to him.
Son was attending the DealBook Conference on 18th November arranged by New York Times when he commented on Bitcoin. His comment was later on published in the news covered by Business Insider in its 19th November printing.
In his comment on Bitcoin, Son apprised that he spends 5-10 minutes on daily basis looking at the Bitcoin’s price movement. He told that a friend of his had suggested him to buy a few Bitcoins or at least invest 1% from his personal income/savings.But he was not convinced, he told. In his interview however, Son told that he agrees that the future belongs to digital innovation, in particular digital currency. But it is not something which he finds appealing to him for the time being, he said.
It was reported that the Japanese billionaire is reluctant to invest in Bitcoin due to his bad experience in the past.
Meanwhile, it turned out that Son is not the only one who had grown doubts over Bitcoin. Back in the US, Ray Dalio, founder of Bridgewater Associates, too had grown suspicion over Bitcoin. He said that he lacks understanding how Bitcoin works and would be obliged if someone could explain him better.