Japanese Billionaire Lost $130 Million On a Late Bitcoin Investment

 
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Masayoshi Son, the founder of Japanese financial holding conglomerate Softbank Group, has reportedly lost around $130 million as he bought bitcoins near the all-time high of $20,000, CNBC reports.

In June 2018, Son reportedly said that “the current speculative value of blockchain-based currencies is higher than their real value, although “it is still a brand new technology”. He also added that his SoftBank is working on blockchain-based technologies.

Son is estimated to be worth almost $14 billion, thus this loss will account to a nearly 1% of his wealth. He made the trade himself, and not as a CEO of Softgroup. It is currently unknown when he actually opened and closed the position in the world’s largest digital coin, as well as how much he bought, but the final outcome is reported as $130 million in red.

“Despite his reputation as a keen investor, the bet on bitcoin is not the first such quick, risky bet by Son. He is known widely as someone who will make multi-million dollar investments in companies after only spending a short time with founders and CEOs,” CNBC adds.

In 2018, Softbank agreed to purchase a 51% stake in Line Mobile, a mobile virtual network operator in Japan. In a statement following completion of a deal, Line said it has “started the process of registering as a virtual currency exchange with the Financial Services Agency”.

Half a year later, Line Mobile issued a statement to announce it had entered the cryptocurrency exchange business through its Singapore-based cryptocurrency exchange BITBOX.

Softbank Ground has around $190 billions of assets under its management. In 2018, the investment giant hit headlines as it became Uber’s largest stakeholder with a 15% stake. Moreover, Softbank also holds stakes in Nvidia, Flipkart, WeWork, OneWeb and other companies.

Bitcoin currently trades around $5,500 after hitting an all-time high of $19,783 on December 17, 2017.