Crypto will be useful but Bitcoin is hard to understand, says SoftBank CEO

Crypto will be useful but Bitcoin is hard to understand, says SoftBank CEO


While the ongoing cryptocurrency bull run is boosting crypto adoption, some billionaire investors still find Bitcoin (BTC) to be something of a distraction. 

Masayoshi Son, a billionaire technology entrepreneur and CEO of Japanese conglomerate SoftBank, claimed that he “doesn’t understand” Bitcoin amid the cryptocurrency breaking its three-year highs.

Speaking at the New York Times DealBook conference, Son said that he found Bitcoin investment to be “distracting his own focus on his own business,” Business Insider reported on Nov. 19.

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Son said that he would spend about five minutes each day watching Bitcoin prices fluctuate. Son noted that he was told by a friend to invest “1% of his personal assets” into Bitcoin, meaning he invested “about $200 million.”

The billionaire said that the recurring distraction triggered him to sell all his Bitcoin stake, causing losses of around $50 million. “I feel so much better,” Son said of exiting Bitcoin.

Son stated that digital currencies are a useful development and that they

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