• Wed. Jul 17th, 2024

Prominent Billionaire Unveils He Lost $50 Million After his Bet on Bitcoin

Christian Klausen

ByChristian Klausen

Nov 21, 2020
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Due to the high liquidity nature, some investors of the traditional finance world feel hesitant to invest in Bitcoin. Some have even lost their investment capital because they could not understand the trading behavior of cryptocurrency. For instance, a Japanese billionaire told in a conference that he had lost $50 million in Bitcoin as he was unable to understand it.

Lack of Knowledge about Bitcoin

SoftBank Group CEO Masayoshi Son talked about his bet on the world’s leading cryptocurrency during a talk at New York Times’s conference. According to Son, he was advised to dedicate 1% of his portfolio to the flagship cryptocurrency, and following the advice, he invested almost $200 million when Bitcoin was exchanging hands at $20,000. After reaching the all-time high of $20,000, it went down as people cashed out their capital in an attempt to earn a profit. As a result of the price downfall, Son had lost $50 million as a result.

He bought the prime cryptocurrency but he did not have true knowledge about it and its volatile nature. Son said he had to check the phone to check price value which encouraged him to sell his holdings as it was creating a distraction from business.

“So I said I would sell whatever the price, and I sold with some loss, maybe I lost $50 million, I don’t know…I forgot,” SoftBank Group’s founder said.

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After a loss, he wanted to remain away from the crypto space. However, he admitted that there is a lot of potential in it and cryptocurrency is the future.

For crypto adoption, there is a need for various educational channels whose major purpose is to educate investors and traders about the true understanding of Bitcoin and other cryptocurrencies. According to the latest surveys, the majority of the people still think cryptocurrency is not a safe instrument and is involved in illegal activities.

In the past, giant financial institutions passed very negative comments about Bitcoin and even called it a scam. But now they are admitting its potential and have even invested in it.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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