{"id":176323,"date":"2020-11-20T15:09:50","date_gmt":"2020-11-20T15:09:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=176323"},"modified":"2021-04-22T12:04:03","modified_gmt":"2021-04-22T11:04:03","slug":"softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted\/","title":{"rendered":"Softbank CEO sold Bitcoin at a $130m loss after getting &#8220;too distracted&#8221;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Masayoshi Son\u2019s not having the greatest of years in recent times. His storied $50 billion venture fund saw massive losses in 2019, with budding startups WeWork and Uber seeing <\/span><strong><a href=\"https:\/\/t.co\/1kmfMIE3MV?amp=1\">devaluations of billions of dollars<\/a><\/strong><span style=\"font-weight: 400;\"> on their mark up prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Son\u2019s personal investments didn\u2019t do so well either. As per a new report by <\/span><i><span style=\"font-weight: 400;\">Business Insider<\/span><\/i><span style=\"font-weight: 400;\">, the Japanese tycoon booked a staggering $130 million loss on his Bitcoin investment back in 2018 after reportedly buying $200 million worth of the pioneer cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His reason? Getting distracted often by the asset\u2019s volatility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s volatility is not for weak stomachs. It remains in price discovery mode, twelve years after launch, and is known to fluctuate by several percentage points a day. And while this is advantageous to small investors seeking volatility to build their portfolio\u2014it could mean seeing a portfolio change of tens of millions of dollars each day for old-school investors like Son, leading to risk issues.<\/span><\/p>\n<h2><b>\u201cDidn\u2019t understand Bitcoin\u201d<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Son, who was speaking at the <\/span><i><span style=\"font-weight: 400;\">New York Times<\/span><\/i><span style=\"font-weight: 400;\"> NewDealBook conference, also added that he didn\u2019t fully \u201cunderstand\u201d Bitcoin, despite punting millions of dollars. He noted that he parked 1% of his net assets at the time on a friend\u2019s suggestion, and spent <\/span><i><span style=\"font-weight: 400;\">five minutes<\/span><\/i><span style=\"font-weight: 400;\"> a day looking at prices.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/masason?ref_src=twsrc%5Etfw\">@masason<\/a> on Bitcoin: \u201cThis is something I don\u2019t understand. &#8230; I\u2019m looking at it at least 5 minutes a day. This is distracting my focus on my own business\u201d <a href=\"https:\/\/twitter.com\/hashtag\/dealbook?src=hash&ref_src=twsrc%5Etfw\">#dealbook<\/a><\/p>\n<p>&mdash; Andrew Ross Sorkin (@andrewrsorkin) <a href=\"https:\/\/twitter.com\/andrewrsorkin\/status\/1328711623343804416?ref_src=twsrc%5Etfw\">November 17, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The tycoon then said he found the investment to be &#8220;distracting [his] own focus on [his] own business,\u201d before quickly growing tired of checking the prices of Bitcoin every day. Son estimates that he lost around $50 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a <\/span><strong><a href=\"https:\/\/www.wsj.com\/articles\/softbank-founder-masayoshi-son-lost-130-million-on-bitcoin-11556017200\"><i>Wall Street Journal<\/i><\/a><\/strong><span style=\"font-weight: 400;\"> report suggests Son\u2019s losses were closer to $130 million\u2014about the entire market cap of some low-ranked altcoins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, while Son is glad to be done with Bitcoin, he said at the conference that digital currencies \u201caren\u2019t going away anytime soon.\u201d He noted:<\/span><\/p>\n<blockquote><p><b>&#8220;I think digital currency will be useful. But I don't know what digital currency, what structure, and so on.&#8221;<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Bitcoin has seen a resurgence of sorts this year and is on its way to printing a new all-time high. The asset traded as low as $3,700 in March this year but crossed the $18,200 figure this week amidst greater adoption and stronger demand for its \u201cdigital gold\u201d narrative.<\/span><\/p>\n<p>It's even ended up attracting investors like hedge fund manager Paul Tudor Jones and Micheal Saylor, CEO of enterprise software firm MicroStrategy, for its global hedge-like properties. The latter's firm purchased over $475 million in Bitcoin in October (the profits are purportedly over $175 million since).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Masayoshi Son\u2019s not having the greatest of years in recent times. His storied $50 billion venture fund saw massive losses in 2019, with budding startups WeWork and Uber seeing devaluations of billions of dollars on their mark up prices. But Son\u2019s personal investments didn\u2019t do so well either. As per a new report by Business [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":176326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747,35372,15323],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Softbank CEO sold Bitcoin at a $130m loss after getting &quot;too distracted&quot;<\/title>\n<meta name=\"description\" content=\"The Japanese tycoon booked a staggering $130 million loss on his Bitcoin investment back in 2018 after buying $200 million worth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Softbank CEO sold Bitcoin at a $130m loss after getting &quot;too distracted&quot;\" \/>\n<meta property=\"og:description\" content=\"The Japanese tycoon booked a staggering $130 million loss on his Bitcoin investment back in 2018 after buying $200 million worth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-20T15:09:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-22T11:04:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/masa-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/softbank-ceo-sold-bitcoin-at-a-130m-loss-after-getting-too-distracted\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/176323"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=176323"}],"version-history":[{"count":2,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/176323\/revisions"}],"predecessor-version":[{"id":176327,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/176323\/revisions\/176327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/176326"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=176323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=176323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=176323"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=176323"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=176323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}