Known to invest in a ‘big risk’, Masayoshi Son insists: ‘I’m not sure about Bitcoin’

According to Bloomberg, Softbank Group founder Masayoshi Son said he was unsure about Bitcoin.

When asked about how more and more companies like Tesla are pouring money into cryptocurrencies, Son is hesitant.

“There’s been a lot of discussion about whether Bitcoin is good or bad, whether it’s a digital currency with real value or just a bubble. To be honest, I don’t know,” Son said during the results announcement. recent corporate venture.

However, Son adds that the cryptocurrency’s popularity has turned it into an “indifferent” platform like diamonds or bonds. “There’s no need to turn down cryptocurrencies. We always have these internal discussions.”

A growing number of global companies including Tesla, Square, and Nexon have publicly invested in Bitcoin in recent months. It shows that digital currencies are increasingly accepted as a more widely accepted form of payment. Meanwhile, in Japan, many companies have also started to join the trend.

Softbank alone, instead of pouring money into Bitcoin, they poured into highly liquid US stocks such as Amazon or Facebook. Today the company also claims to be positioned “ready for future investment opportunities”.

This is not the first time Masayoshi Son has talked about Bitcoin. In 2020, at the New York Times DeadBook conference, Masayoshi Son revealed that he had been suggested by a friend to invest 1% of his personal fortune in Bitcoin. This means that Masayoshi Son spent about $ 200 million on Bitcoin investment.

Masayoshi Son said that since the moment he invested in Bitcoin, he spends about 5 minutes a day monitoring the price movements of the coin. However, Masayoshi Son stressed that his investment in Bitcoin caused him to lose focus on his business. Masayoshi Son confesses getting tired of checking Bitcoin prices every day.

This distraction led Masayoshi Son to decide to sell Bitcoin. According to the Wall Street Journal, the Japanese billionaire lost nearly $ 130 million after selling Bitcoin in 2018.

“I feel a lot better,” Masayoshi Son said of the feeling after his decision to sell all of Bitcoin.

However, Masayoshi Son still said: “I think digital money will be useful. But I do not understand cryptocurrency, like its structure and many other things.”

This time, Masayohi Son is enjoying a lot of fun with Softbank’s business going smoothly.

The successful IPOs of startups invested by Softbank’s Vision fund such as DoorDash and Coupang have helped Softbank’s shares rise, pushing Masayoshi Son’s assets up.

This is said to be a spectacular comeback of Son when just a year ago, he and the Vision Fund were going through a very difficult period, receiving criticism from many sides. As Son said, “Spring comes after a cold winter.”