We’ve said it before, and we’ll said it again. Bitcoin isn’t for everyone, and it appears the digital currency is frustrating another financial expert – so much so, that this individual is stepping away from the asset completely. His name is Masayoshi Son, and he’s the CEO of Softbank.
Son Is Not a Bitcoin Fan
In a recent interview, Son commented that he just doesn’t understand bitcoin, and that even though he’s spent so much time tracking its movements and trying hard to invest in it, he feels a lot better now that he’s decided to step away. For the most part, bitcoin has done rather well for itself during these last several months, but there are still many doubters and non-believers out there.
Among the highest ranked include Warren Buffett, who in the past, has compared bitcoin to a button on his shirt and claims that it has no value. He says the only thing keeping it alive is that there are people out there willing to pay extra to buy it.
Son has not had an easy time with bitcoin. He was told by a friend that he’d be in a good place if he invested about one percent of his earnings into bitcoin. This would be equal to about $200 million at the time of writing. He then spent each day tracking the asset and watching its price fluctuate. Eventually, this became a major distraction from the other aspects and duties in his life.
He later decided that he should just sell his bitcoin and get out of the crypto space completely. He says he lost roughly $50 million following his BTC investments, though a separate report issued by the Wall Street Journal claims his losses were closer to around $130 million.
Interestingly, however, Son admits that while crypto is not for him, he does believe it will be useful in the coming future. In a recent interview, he claimed:
I think digital currency will be useful, but I don’t know what digital currency, what structure and so on.
Other People Might Disagree
He also admitted that he doesn’t think digital currency will be disappearing anytime soon. It has grown too popular in recent days, and there are too many people out there willing to do all that is necessary to get their fingers around it, especially as of late considering the ongoing coronavirus pandemic that’s ravaging the world’s financial markets.
Bitcoin, in recent months, has become something of a hedge tool – something that can potentially keep one’s wealth stable during times of economic strife. The currency is now seen as a store of value, just like gold, and the price has been rising steadily since April of this year. Initially, the currency (briefly) fell below $4,000 in March but is now trading for well over $18,000.