Home / Altcoins / Bitcoin – This Billionaire Didn’t Understand It but Still Invested $200 Million – Spotlight

Bitcoin – This Billionaire Didn’t Understand It but Still Invested $200 Million – Spotlight

Bitcoin - This Billionaire Didn't Understand It but Still Invested $200 Million

Blockchain is one of the latest disruptive technologies. With many use cases for this tech, the most famous use case is financial transaction. Many investors don’t really care about the underlying tech as long as they continue making money. Bitcoin is one such asset based on blockchain which is quite complicated for many to understand, yet we see daily increases in the number of people who have dealt with BTC.

The CEO of SoftBank, one of the biggest investment conglomerates in the world, Mr. Masayoshi Son, is one amongst the many who doesn’t understand Bitcoin. This Japanese billionaire invested close to $200 million in BTC in the past. He says he spent a lot of time researching and following Bitcoin and that was affecting his other businesses. He invested a heavy amount in BTC on the recommendation of a friend, but due to the high volatility of the asset, he ended up checking the price of this asset every few minutes, which is something we all can relate to.

Masayoshi Son bought $200 million in Bitcoin.

Source: Wikimedia Commons/Masaru Kamikura

Son claims that he lost close to $50 million when he sold his BTC asset, but according to the Wall Street Journal, the losses faced by Son were close to $130 million.

While Son is done investing in BTC, he believes that digital assets are here to stay. He said, “I think digital currency will be useful, but I don’t know what digital currency, what structure, and so on.”

Bitcoin price recently crossed $18,900 and is looking good to clear it’s all-time high price of 2017. If it can flip $20,000 and stay above for a while, we can start seeing a further increase in the price of BTC. This whole rally was fueled because of a lot of institutional investors are betting on this favorite cryptocurrency to be a store of value.

Bitcoin price is currently at $18,342.49, with a market cap of $340,301,778,546 and a 24-hour trading volume of $34,853,752,087.

For more BTC news, check out the Altcoin Buzz YouTube channel.

 


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