While the ongoing boom in cryptocurrencies is increasing the spread of cryptocurrency, some billionaire investors still see Bitcoin (BTC) as a distraction.
Masayoshi Son, billionaire tech founder and CEO of Japan’s SoftBank Group, said he “doesn’t understand” Bitcoin amid a cryptocurrency that has reached its highest in three years.
Speaking at the DealBook conference in the New York Times, Sun said investing in bitcoin “distracts from an individual’s focus on their own business,” Business Insider reported on November 19.
Sun said he would spend around five minutes every day watching Bitcoin price fluctuations. Sun noted that one of his friends told him to invest “1% of his personal assets” in Bitcoin, which means that he has invested “about $ 200 million.”
According to the billionaire, the constant distraction led him to sell his entire stake in bitcoins, resulting in losses estimated at around $ 50 million. “I’m feeling a lot better,” said Sun of the Bitcoin exit.
Sun said digital currencies are a beneficial development and it will not disappear anytime soon, but he will focus on other projects. He said:
“I think digital currency would be useful […] but I don’t know what digital currency is, what structure is, etc.”
Sleep allegedly bought Bitcoin when it neared its all-time high of $ 20,000 in December 2017. As previously reported, Sleep was alleged to have lost millions by selling the cryptocurrency in early 2018, when the bitcoin price began to decline.
Son’s recent comments come amid a major bullish trend in the cryptocurrency markets as Bitcoin approaches $ 20,000. At time of publication, Bitcoin is trading at $ 18,227, according to Cointelegraph’s BTC price index.