Cryptocurrencies will help, but Bitcoin is hard to understand, says SoftBank’s CEO

While the current bull runs on cryptocurrencies promote their adoptionSome billionaire investors still believe that Bitcoin (BTC) is a distraction.

Masayoshi son, a billionaire tech entrepreneur and CEO of the Japanese conglomerate SoftBankI confirm that “doesn’t understand” Bitcoin in the middle of the cryptocurrency breaking its three-year high.

Presentation at the New York Times DealBook Conference, Son said he thinks investing in Bitcoin “takes his own focus away from his own business.”Reported Business Insider on November 19th.

Cryptocurrencies will help, but Bitcoin is hard to understand, says SoftBank’s CEO
Cryptocurrencies will help, but Bitcoin is hard to understand, says SoftBank’s CEO

Son said he would spend about five minutes each day watching Bitcoin prices fluctuate. Noticed that A friend told him to invest “1% of his personal wealth” in Bitcoinwhich means it has invested “about $ 200 million”.

The billionaire admitted that the recurring distraction caused him to sell all of his stake in Bitcoin. causing him losses of around $ 50 million. “I feel so much better,” said Son.

They are stated that digital currencies are a useful development and that they will not go away anytime soon. but will focus on other projects. He commented:

“I think the digital currency will be useful […] But I don’t know which digital currency, which structure, etc. “

Son reportedly bought Bitcoin when it was near its all-time high of $ 20,000 in December 2017. As previously reported, Son reportedly lost millions selling the cryptocurrency in early 2018when the price of Bitcoin began to decline.

Son’s recent comments come amid a major uptrend in the crypto markets Bitcoin is slowly approaching $ 20,000. At press time, Bitcoin is trading at $ 18,227.

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