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While the current cryptocurrency bull run is spurring cryptocurrency adoption, some billionaire investors still find Bitcoin (BTC) to be something of a distraction.
Masayoshi Son, a billionaire tech entrepreneur and CEO of Japanese conglomerate SoftBank, said he “doesn’t understand” Bitcoin amidst cryptocurrency breaking its three-year highs.
Speaking at the New York Times DealBook conference, Son said he found investing in Bitcoin “distracts his attention from his own business,” Business Insider reported on Nov.19.
Son said he would spend about five minutes each day watching Bitcoin prices fluctuate. Son noted that a friend told him to invest “1% of his personal assets” in Bitcoin, which means he has invested “about $ 200 million”.
The billionaire said the recurring distraction prompted him to sell his entire stake in Bitcoin, causing losses of approximately $ 50 million. “I feel a lot better,” Son said of getting out of Bitcoin.
Son said digital currencies are a useful development and they won’t disappear anytime soon, but will focus on other projects. He said:
“I think the digital currency will be useful […] But I don’t know which digital currency, which structure and so on. “
Son reportedly bought Bitcoin when it was near its all-time high of $ 20,000 in December 2017. As previously reported, Son would have lost millions selling the cryptocurrency in early 2018, when Bitcoin’s price subsequently started plummeting. .
Son’s latest remarks come amid a major bullish trend in crypto markets, with Bitcoin approaching $ 20,000. At the time of publication, Bitcoin is trading at $ 18,227, according to Cointelegraph’s BTC price index.
