Bitcoin in late 2017 had attracted the attention of most people on Earth, from influentials to common man as a new emerging asset class capable of generating high value and many even invested at that peak level only to burn their fingers
Japanese billionaire and the founder of SoftBank, the name synonymous with almost every established startup in the world, Masayoshi Son also did the same and lost close to $130 million in a personal bet on Bitcoin. Masayoshi’s investments come around the time when Bitcoin was at $19,000 level and sold his entire holding in the early of 2018 when the market collapsed.
Masayoshi Son, the second richest in Japan was convinced by his colleague Peter Briger, a big bitcoin enthusiast, to invest in the digital asset. Peter Briger, of Fortress Investment Group, still holding into its huge Bitcoin reserves since 2013 and was bought out by Softbank in 2017.
Masayoshi Son is known for his investments and has made some phenomenal investments in the start-up world. His SoftBank Vision Fund is the largest venture capital fund in this world with a total size of $100 billion. His investments in India include in OYO, OLA Cabs, Flipkart etc.
Masayoshi’s most phenomenal bet till date is in Alibaba of $100 million, which he made within five minutes meeting with Jack Ma. As of last year, that $100 million bet is worth $132 billion.
So, now it has to be looked whether SoftBank founder again jumps into the crypto bandwagon or not, given the strong signs of reversal in the momentum of the crypto market. Bitcoin has gained almost close to 60 per cent from the lows of 2019 and is currently trading above $5,600 level.
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The post SoftBank Founder, Masayoshi Son Reportedly Lost $130 Mn in Bitcoin Bets appeared first on Crypto-News India.