Sunday, August 25, 2019

Japanese Billionaire Lost $130 Million During Bitcoin’s Bull Run in 2017

Huge gains can be made from investing in Bitcoin and altcoins, and the same can be said about the losses that can be procured. Moreover, the higher the investment, the higher the profit and vice versa. The latter can be said about Masayoshi Son, founder of SoftBank who reportedly lost $130 million after investing in Bitcoin during its frenzy in December 2017, according to WSJ’s report on April 23.

Masayoshi Son Losses $130 Million While Investing in Bitcoin

Per the report, Masayoshi Son had incurred a loss of $130 million after selling off the Bitcoin he had previously purchased in December 2017. At that time, the price of the digital asset was skyrocketing and it hit as high as $20,000. Son, on the other hand, sold off his holdings in January 2018 when the prices began to decline.

Further reports revealed that Son who has a net worth of $18.8 billion received recommendations to invest in Bitcoin by Peter Briger, an executive of Fortress Investment Group. The latter is an investment firm which had purchased Bitcoin in 2013. The firm was later bought by SoftBank in February 2017 which gave it an inheritance to Fortress’ Bitcoin reserves.

Masayoshi Son Has Recorded Successes in Other Investments

Masayoshi Son may have encountered losses when it comes to cryptocurrency investment, but he has recorded successes while making other investment. The billionaire founded SoftBank, a Japanese multinational holding conglomerate which is the largest venture-capital fund in the world.

While Son’s story has been revealed, it can be assumed that there are several others of this nature even though they may be untold. A lot of people dipped their feet into the market in 2017 given that Bitcoin began from a price tag of $1,000 to $20,000 all in the space of one year.

Related Article:  Uber's Largest Shareholder SoftBank Denies Deal With Bitmain

Bitcoin’s Decline in Price Leads to the Fold of Some Companies

The decline in price also made a number of companies to fold and others to pause their plans to launch products in the industry. The volatile price of cryptocurrencies has also given some institutional investors cold feet from entering the market. Likewise, a number of people like Warren Buffett have made comments why they feel cryptocurrency will come to a bad ending.

According to Warren Buffett:

Cryptocurrencies will come to bad endings. There’s nothing being produced in the way of value from the asset…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

It is worthy to note that the price of the virtual asset is kicking in after declining to $3,100. As at press time, it is trading around $5,600. Many like Mike Novogratz have predicted that there is a good chance that we the bottom is in and as such, higher prices can be expected from here onward.

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