Japanese billionaire, the founder of Softbank Masayoshi Son, lost a huge Bitcoin bet of about $130 million at the top of the market. Though it is still not known how much he poured into the number one cryptocurrency, in the coming altcoin news we find out how he lost them.
Masayoshi Son is worth about $24 billion but is unknown how big of a chunk he poured into Bitcoin. He appears to have bought BTC late in 2017 when the price of Bitcoin reached its all-time high of $20,000. He later sold in early 2018 right when the price collapsed which led to the $130 million loss.
The Japanese billionaire is the second-richest man in Japan and he was convinced to invest in Bitcoin after his colleague Peter Briger introduced him to Bitcoin. Briger is the founder of the Fortress Investment Group and was bought by Son’s Softbank in 2017. He advised Son to invest in bitcoin during the 2017 Bull Run but little did they know that Bitcoin was not able to keep up the momentum.
By the end of 2017, the BTC value increased by up to 2,000 percent and since Son is an experienced investor; he believed that this was the right time to invest. Masayoshi Son has made SoftBank’s Fund as high as $100 billion which makes it the largest venture capital fund on the planet. He also bet on Uber and WeWork which helped the companies to be the giants that they are today.
The Japanese billionaire invested in Alibaba as well after only being in the same room with Jack Ma for five minutes. The $100 million bet on Alibaba is not worth about $132 billion. However, Son is not the first investor to get his bets destroyed when it comes to bitcoin especially when the price plunged down. For example, Peter McCormack lost about $1 million during the bear market.
Masayoshi Son and his bets and losses remind us that timing the bitcoin price movements is not always a good idea nor it is really possible. The market is volatile and so is the price of the number one cryptocurrency so everyone can get it wrong. As the best cryptocurrency news sites report, Bitcoin shows signs of recovery after it climbed up to 40 percent this year alone.
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