Masayoshi Son says Bitcoin “distracted him from his activity”.
While the current bull run in the crypto-currency market fosters crypto adoption, some billionaire investors still see Bitcoin (BTC) as a kind of distraction.
Masayoshi Son, a billionaire technology entrepreneur and CEO of the Japanese conglomerate SoftBank, said he “doesn’t understand” Bitcoin, which has recently surpassed its three year old highs.
During the New York Times DealBook conference, Son explained that his investment in Bitcoin was “distracting because of the focus on his business,” as reported by Business Insider on November 19.
Son said he spent about five minutes every day watching Bitcoin prices fluctuate. Following a friend’s advice to invest “1% of his personal assets” in Bitcoin, Son invested “about $200 million.
The billionaire admitted that the recurring distraction drove him to sell all his Bitcoins, causing a loss of about $50 million. “I feel much better,” Son added.
Son said digital assets are a useful development and will not disappear in the future, but will focus on other projects:
“I think digital currency will be useful, but I don’t know which currency, which structure, and so on.
Son allegedly bought Bitcoin near its all-time high of $20,000 in December 2017. As mentioned earlier, it seems Son lost millions selling the cryptocurrency in early 2018 when Bitcoin’s price started to plummet.
The entrepreneur’s latest comments come during a strong bullish trend in the crypto markets, with Bitcoin increasingly close to $20,000. At the time of writing, Bitcoin is at $18,750.