We have said it before and we will say it again. Bitcoin isn’t for everyone, and it seems digital currency frustrates another financial expert – so much so that that individual is stepping away from the asset altogether. His name is Masayoshi Son and he is the CEO of Softbank.
His is not a Bitcoin fan
In a recent interview, Son said he just doesn’t understand bitcoin, and while he spent so much time tracking its moves and making an effort to invest in it, he felt a lot better now than he did. he had decided to go away. For the most part, bitcoin has performed quite well over the past few months, but there are still plenty of skeptics and non-believers.
Among the top ranked is Warren Buffett, who in the past has likened bitcoin to a button on his shirt and claims it has no value. He says the only thing that keeps him alive is that there are people who are willing to pay extra to buy him.
His hasn’t had an easy time with bitcoin. A friend told him he would be in a good position if he invested around one percent of his earnings in bitcoin. That would equal about $ 200 million at the time of writing. He then spent each day following the asset and watching its price move. Eventually it became a major distraction from the other aspects and duties of his life.
He then decided that he should just sell his bitcoin and exit the crypto space entirely. He says he lost around $ 50 million as a result of his investments in BTC, although a separate report released by the the Wall Street newspaper claims his losses were closer to around $ 130 million.
Interestingly, however, Son admits that while crypto is not for him, he believes it will be useful in the future. In a recent interview, he said:
I think digital currency will be useful, but I don’t know what digital currency, what structure etc.
Other people might not agree
He also admitted that he didn’t think digital currency would be going away anytime soon. It has grown too popular in recent days and there are too many people willing to do whatever is necessary to get around it, especially in recent times given the ongoing coronavirus pandemic ravaging global financial markets.
Bitcoin, over the past few months, has become something of a hedging tool – something that can potentially keep its wealth stable during times of economic conflict. Currency is now considered 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.