Bitcoin (BTC), Cryptocurrency, News

SoftBank CEO Says He Does Not Understand Bitcoin Because of its Volatility

The high volatile nature of Bitcoin is still causing difficulty for some people to understand the world’s largest digital currency. The Chief Executive Officer of the Japanese multinational conglomerate firm SoftBank Group has said that he is unable to understand the true nature of Bitcoin because of the fact that the digital currency is too volatile. However, he said that digital currency can be useful.

While speaking at the New York Times DealBook conference, the Japanese billionaire Masayoshi Son talked about his Bitcoin bet which resulted in the loss of millions. He said that one of his friends suggested him to step into the world of Bitcoin trading. Upon this recommendation, he made his investment in the top-ranked digital currency.

His friend asked him to make an investment of only one percent of its entire investment portfolio in Bitcoin. The investment of 1% means that he had invested approximately $200 million in the digital currency. However, this investment caused Son to face a loss of $50 million at that time.

Son said that the high volatility of Bitcoin and this investment caused an extreme level of distraction for him as he said that he could not even focus on his own business. Therefore, he decided to sell all of his Bitcoins at any price rate and this, he said, resulted in the loss of $50 million.

Despite facing this loss, he has said that he does not know what Bitcoin is. He said instead of investing in Bitcoin he would prefer to put his entire focus on Artificial Intelligence (AI) about which he feels so much passionate. On the other hand, Son also acknowledged at the conference that the cryptocurrency is really useful.

Over recent times, the price value of the leading digital currency is continuously going up. Bitcoin is on the verge to retest the $19k figure. However, this extremely bullish outlook of Bitcoin has not attracted Son this time. He said during the conference, “I feel so much better because at least I don’t have to put my mind in something I don’t understand.”

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