Bitcoin [BTC]: Japanese Billionaire from SoftBank Lost $130 Million in the Bitcoin Frenzy

Masayoshi Son, founder of SoftBank, the Japanese multinational holding conglomerate has reportedly invested millions in Bitcoin when its price hits an all-time high – however, the billionaire is now caught up facing heavy loss since the present price is way lower than that of year-end 2017.

According to reports, Son has earlier invested in many other investments arena and consequently, with his experience, he has launched the world’s biggest VC fund. However, his investment in bitcoin when it was typically peaking with $19k figure, Son has lost over $130 million. Although he has a successful track record of much such investment – his experience might not be fortunate enough in Bitcoin and crypto industry.

Son has reportedly invested in Bitcoin following the repeated recommendation by a ‘bitcoin evangelist’, Peter Briger who is Fortress Investment Group’s executive. The reports further highlight that the bank had purchased an investment firm from the same person who had once recommended him to invest in Bitcoin.

It was first reported by the Wall Street Journal and at the moment, SoftBank is unable to reach for further comment or clarification. However, the ruling cryptocurrency, Bitcoin, has still in its race to surge back to its exciting value of nearing $20k – accordingly, at the moment, the coin is trading at $5593.39 against one US Dollar. The cryptocurrency has significantly gained 3.55 percent over the past 24 hours.

SoftBank CEO comes in a list of investors who lost millions of investment in Bitcoin during the time of its peak. Nevertheless, if he would have listened to Warren Buffett’s advice (who is far away from the crypto), he would have saved his $130 million. Moreover, Buffett earlier warned people on their crypto investment and at the Berkshire Hathaway’s annual meeting in 2018, Buffett said that;

“Cryptocurrencies will come to bad endings. There’s nothing being produced in the way of value from the asset,” Buffett said. He  further added, “It’s something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor’s getting rich buying this stuff neither one of them understands.”

SoftBank is one among the largest VC firm in the world which has a total net asset of over $190 billion – also holding the stake in multiple famous ventures including Nvidia, Uber, WeWork, OneWeb and more.

What do you think readers,? Is it the opportunity for SoftBank to understand what exactly Bitcoin is or is it the huge loss of SoftBank CEO? Let us know in the comment below

The post Bitcoin [BTC]: Japanese Billionaire from SoftBank Lost $130 Million in the Bitcoin Frenzy appeared first on Coingape.

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