Masayoshi Son, chief Executive of Japanese multinational holding company SoftBank Group Corp, said he doesn’t understand BTC, despite having invested up to $ 200 million in it.
Bitcoin: such unclear but valuable
According to Business Insider, Masayoshi Son said that his friend advised him to invest 1% of his entire portfolio in Bitcoin, which at the time was about $ 200 million. He did so.
Despite the investment, song said that he “didn’t understand” Bitcoin, as he has to spend at least 5 minutes of his time every day watching the coin’s price fluctuate. Son, who spoke about this at the DealBook conference in the New York Times, told host Andrew Ross Sorkin that the fact that owning investments in PTS very much “distracts” his attention from his own business annoys him greatly.
The distraction eventually led to Son selling his share of cryptocurrencies back in 2018 at a loss that was estimated to be worth about $ 130 million.
“I feel much better. Now I have nothing to distract me from things”, – said Son, referring to the sale of his Bitcoins. Despite the fact that Son no longer holds bitcoins, he believes that BTC and digital currencies will be useful in the future.
Masayoshi son’s exit may be an early and inexplicable move, given the recent price trend around the cue Ball.
The bullish rally in the price of Bitcoin is taking place against the backdrop of growing institutional adoption of the coin, as well as against the background of well-known executives purchasing this asset either as a means of saving or as a hedge against inflation. MicroStrategy and Stripe are among the well – known firms that own BTC, while the likes of Mike Novogratz and Tyler Winklevoss are still some of The prominent bitcoin supporters.
Another important factor is the expectation that the dollar will fall by 20% even with the introduction of the vaccine.
This is not the time to part with Bitcoin
Due to the COVID-19 pandemic, many investors have moved into alternative assets due to the uncertainty of us dollar inflation. Michael J. Saylor, CEO of MicroStrategy, was one of many investors who invested in Bitcoin this year, citing that the cryptocurrency was “the best safe haven with the best liquidity.”
MicroStrategy’s investment in Bitcoin was seen as just the tip of the iceberg, as many investors believe other institutions and large corporations will follow suit. Saylor’s purchase of BTC indirectly affected BlackRock, Vanguard and Norway, as these parties hold different stakes in the billion-dollar company.
Saylor also believes that Bitcoin is a reliable means of saving and an attractive investment asset with “greater long-term potential to increase value than storing cash.”
According to the Financial Times, the US dollar served as a haven for investors during the peak of the coronavirus pandemic in March. Analysts believe that the release of the vaccine can change the market. Citi bank strategist Calvin TSE explained:
“We believe that the spread of vaccines will mark all of our bear markets. Can the dollar fall 20 percent next year alone? We think so.”
The US dollar has fallen sharply this year, and as the us Federal reserve is expected to continue implementing its stimulus plans, investors expect US inflation to continue rising, which in turn will reduce the currency’s attractiveness.
With the new surge in the price of Bitcoin and the predicted future fall in the dollar, it seems that now is not the right time to sell your stake in bitcoin.
