Masayoshi Son, CEO of SoftBank, has recently claimed Bitcoin to be “too distracting” for him. During the New York Times DealBook conference, he made a statement stating that he has sold off his Bitcoin tokens and does not wish to invest further.
SoftBank CEO invested around one percent of his wealth into Bitcoin during 2017’s bull run. It is estimated that he must have invested around $200 million into Bitcoin at that time. But this doesn’t last long as he sold off all of his Bitcoin in January 2018.
SoftBank CEO Did Not Sell Bitcoin Due to Price Drop
Even though SoftBank CEO sold all of his Bitcoin in 2018, he clarified that he did not sell those because of the price drop. He finds Bitcoin to be highly distracting due to the huge volatility of the asset. He claimed that due to such huge volatility, he started getting distracted from his business which caused him some trouble.
Due to the sudden sell-off, SoftBank CEO has lost $50 million, but he still felt better after this sell-off. Moreover, Bitcoin has been performing really well lately but despite this, Son is not at all interested in investing in digital currencies.
Other Billionaires Also Called Out Bitcoin For Volatility
Besides, it is not only SoftBank CEO who called out Bitcoin due to its volatility. Ray Dalio, who is a Hedge Fund investor also claimed something similar. The volatility of Bitcoin is something that most people find quite difficult to stick with. Dalio claims that due to this a lot of serious investors find out Bitcoin to be unattractive. Due to this, they tend to stick with traditional assets like Gold. He also claimed that due to such huge volatility, people do not find it an attractive option for a big investment.