The CEO of SoftBank Expresses His Concerns Comparing Cryptocurrencies with Bitcoin (BTC)

Since the beginning of the current year, the cryptocurrency industry has seen no other competitor when it comes to investments. Just two years ago the cryptocurrency industry had only 35 million unique users and the number has now grown to 100 million unique users.

The cryptocurrency industry as a whole has been running a bullish show since the beginning of the current year. As a result, more and more people are moving towards the cryptocurrency platform. However, among all this development, some billionaires who are interested in investing in cryptocurrencies are distracted by Bitcoin (BTC).

Just recently, a Japanese billionaire known as Masayoshi Son stated that he is not able to comprehend Bitcoin (BTC). He stated that although the cryptocurrency industry has broken all its previous record-highs, still Bitcoin (BTC) is something he is unable to understand.

Masayoshi Son is the CEO of SoftBank that belongs to a Japanese conglomerate as well as a Technology Entrepreneur.

Masayoshi Son expressed his views about Bitcoin (BTC) in the DealBook conference at the New York Times. He stated that he himself got distracted when he tried focusing on cryptocurrencies but Bitcoin (BTC) kept getting in the way. As a result, he was not able to focus on his own business.

The Billionaire stated that he used to spend around five minutes each day where he would monitor the prices of Bitcoin (BTC) go up and down. He revealed that a friend of his asked him to invest some of his money in Bitcoin (BTC). Therefore, he invested 1% of his wealth in purchasing Bitcoin (BTC) that summed up to be $200 million.

Son stated that he grew tired and distracted of the constant price fluctuations of Bitcoin (BTC). He stated that there was so much fluctuation in Bitcoin (BTC) that he could hardly focus on what he was going to do.

He stated that he finally decided to sell all of his Bitcoin (BTC), which he did after some time. Although the sell-off gave him a loss of $50 million but he is happy that he got rid of the Bitcoin (BTC) and is now stress-free.

As far as the digital-assets are concerned, Son stated that digital-assets are the most unique and profitable development in the current century.

He also added that the digital-assets industry has now cemented its base and is not going to go away. Therefore, he is going to focus on other projects for the time being and get back to it once he has the right amount of patience for it.

As per the reports, Son bought Bitcoin (BTC) in 2017 when it was hitting the record-high figure of around $20,000. Eventually, the prices of Bitcoin (BTC) took a dip but the billionaire had already sold all of his Bitcoin (BTC) in 2018 at a loss.

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