SoftBank CEO Sold his $200 Million Bitcoin Investment in 2018 Because He Couldn’t Stop Price Watching
Every Bitcoiner knows this feeling.
And we can relate to Masayoshi Son, the founder, and chief executive of SoftBank.
But what we can’t relate to is that he still does not understand Bitcoin.
At the DealBook Online Summit on Tuesday, Son, who has made billions from his bets that involves an early investment in Alibaba, said he was convinced by a friend to invest “1% of his personal assets” into bitcoin, as such investing “about 200 million.”
But much like any crypto community member, he would spend five minutes each day looking at BTC prices fluctuating, he said. He was stuck tracking the movement of his Bitcoin investment and found it to be “distracting [his] own focus on [his] own business.”
This led him to sell his stake in BTC in 2018, and according to him, he lost an estimated $50 million, which could actually be closer to $130 million.
“I feel so much better,” Son said.
If he had kept patience and held on to his BTC investment, Son’s investments would have been getting ready to turn into billions. After the bear market of 2018, Bitcoin has been gradually entering the bull market, which came in full force in 2020, especially in the Q4 of this year.
Two days ago, BTC/USD jumped to nearly $19,000, a level not seen since the Bitcoin bull market's peak in December 2017. The digital asset is now just inches away from hitting a new all-time high.
While personally, Son couldn’t keep up with the bitcoin volatility, he still believes the “digital currency will be useful,” adding, “But I don't know what digital currency, what structure, and so on.”
Son also missed the opportunity to be an early investor in Tesla and Amazon. In the case of Amazon, despite speaking with its founder and CEO Jeff Bezos about a 30% stake in the company before it went public. But of course, he didn’t take it, “I’m so stupid!” he said. He rather made a big mistake by pouring billions in WeWork.
While talking about the missed opportunities during the Summit, Son said his philosophy is “I would rather accept my stupidity and my ignorance — my bad decisions — so that I can learn from my mistakes,” he said. “It’s better to accept them, so I become smarter.”