Billionaire Investor Masayoshi Son Of SoftBank Loses $130 Million In Bitcoin Investment
Billionaire Investor Masayoshi Son Loses $130 Million In Bitcoin
The recognized Japanese billionaire Masayoshi Son has lost more than $130 million after selling his position in Bitcoin (BTC). The information was released by the Wall Street Journal a few hours ago.
Investor Masayoshi Lost $130 Million In Bitcoin
Masayoshi Son is the founder of the conglomerate SoftBank and had exposure to virtual currencies. According to the report, he purchased Bitcoin close to its all-time high back in December 2017. At that time, Bitcoin reached $20,000 before plummeting down to $6,000. Although there is no information regarding how many Bitcoins he purchased at that time, he sold at the beginning of the last year when the market collapsed.
Apparently, the billionaire investor received an investment recommendation that was made by a Bitcoin evangelist. According to CNBC, SoftBank bought the investment firm of that person back in 2018. Nonetheless, he is known for making several risky bets. The report says that he invested in different companies several millions of dollars after spending a few hours or having short meetings with founders and CEOs of different companies.
SoftBank is known around the world for being the largest capital firm that has an asset value of $190 billion. They have also invested in Uber, Nvidia, Flipkart, WeWork, OneWeb and more.
Bitcoin is a very volatile digital asset that attracted the attention of several investors around the world in the last few years. In 2017, Bitcoin reached $20,000, the highest value ever recorded by the most popular digital asset and it fall down to $3,200 a year later. Other virtual currencies follow the same bear trend and companies operating in the market had to stop operating or had to shut down their operations.
Currently, each Bitcoin can be purchased for $5,600 and it has a market capitalization of almost $100 billion.