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November 20, 2020 01:00 pm

SoftBank CEO Says He Doesn't Understand Bitcoin, and Watching the Price Fluctuate Was 'Distracting My Focus On My Own Business'

An anonymous reader quotes a report from Business Insider: Softbank CEO Masayoshi Son said that he "doesn't understand" bitcoin, and that he spent a good chunk of his time tracking its movement while invested in the cryptocurrency. Son, who made the remarks at The New York Times DealBook conference, said he was told by a friend to invest "1% of his personal assets" into bitcoin, meaning he invested "about 200 million." After investing the money, Son said he would spend about five minutes each day looking at bitcoin prices fluctuate. While speaking with host Andrew Ross Sorkin, Son said he found the investment to be "distracting [his] own focus on [his] own business." Son quickly grew tired of checking the price of bitcoin every day. This reoccurring distraction from checking prices every day led Son to sell his stake in bitcoin, and he estimates that he lost around $50 million. According to a Wall Street Journal report, Son lost closer to $130 million when he sold his stake in 2018, citing sources who are familiar with the matter. "I feel so much better," Son said of exiting the cryptocurrency. "I think digital currency will be useful," Son added. "But I don't know what digital currency, what structure, and so on."

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