While the ongoing cryptocurrency bull run is boosting crypto adoption, some investors still find Bitcoin (BTC) to be something of a distraction.
As reported by cointelegraph, Masayoshi Son, a billionaire technology entrepreneur and CEO of the giant Japanese multinational conglomerate SoftBank Group, declares that he “doesn’t understand” Bitcoin amid the cryptocurrency breaking its three-year highs.
During The New York Times’ DealBook conference, Son mentioned that he found Bitcoin investment to be distracting his own focus on his own business, Business Insider reported on Nov. 19,2020.
Son mentioned that he would spend about five minutes each day watching Bitcoin prices fluctuate. Son noted that he was told by a friend to invest 1% of his personal assets into Bitcoin, meaning he invested about $200 million.
The billionaire admitted that the recurring distraction triggered him to sell all his Bitcoin stake, causing losses of around $50 million. “I feel so much better,” Son said.
Son believes that some form of digital currency will play an important role in the digitizing world. He stated:
“I think digital currency is definitely going to be useful with the security and so on. But, I don’t know what digital currency, what structure. I would rather focus my years on something I feel passionate about, which is the AI (artificial intelligence) focus right now.”