Bitcoin is not for everyone, for it seems to bother another financial expert, and he is stepping away from the asset completely. He is Masayoshi Son, the CEO of Softbank.
Son Is Not a Fan of Bitcoin
In an interview, Son said that he doesn’t understand bitcoin, and even though he has spent so much time tracking its movements and invests in it, he feels a lot better now that he has stepped away. Principally, bitcoin has done well for itself in the past months; however, there are still many doubters and non-believers out there.
Among the top non-believers is Warren Buffet, who had compared bitcoin to a button on his shirt claiming it has no value. He states that the only thing keeping it alive is that there are people out there willing to spend more to buy it.
Son didn’t have an easy time with bitcoin. A friend told him that he will be in a good place if he invested just 1% of his earnings into bitcoin. It amounts to about $200M as of now. He then spent every single day tracking the asset and watching the price fluctuate. It ultimately became a major distraction from other aspects and duties in his life.
He then decided that he should sell his bitcoin and completely get out of the crypto space. He claimed that he lost almost $50M after his BTC investments, although a separate report by the Wall Street Journal claimed his losses were around $130M.
Son admits that while crypto is not for him, he believes that it will be useful in the near future. He claimed:
“I think the digital currency will be useful, but I don’t know what digital currency, what structure, and so on.”
Many People are Disagreeing
He also confessed that he didn’t think the digital currency will disappear soon. It has been popular recently, and there are many people out there willing to do all necessary to get their hands on it, especially now that the ongoing coronavirus pandemic is wrecking the world’s financial markets.
In recent months, Bitcoin has become something of a hedging tool, something that can keep one’s wealth stable in times of economic strife. The currency is seen as a store of value, and like gold, the price has been rising steadily since April this year. The currency briefly dropped below $4,000 in March but is now trading over $18,000.
No Comment