Masayoshi Son, CEO of SoftBank, talked about his actual lack of understanding about anything concerning Bitcoin and that he got tired of monitoring its market in 2018.
Among the things that puzzled him, Son stated that one of the most uncomfortable aspects was the volatility present within that market, which is why he continuously reviewed the indicators each minute so that he can understand the constant fluctuation of Bitcoin prices.
In this regard, the CEO of SoftBank also indicated that he just quit checking the price of Bitcoin every day and that by being attentive to the evolution of this market, he ended up neglecting his own business, which rose losses of about USD 50 million.
About leaving the ecosystem of digital currencies, Son pointed out that he felt much better, like some kind of relief, and pointed out that although he does not understand well what Bitcoin is about, he does not doubt that this and other digital currencies will continue to consolidate their presences in the financial ecosystem but on a more personal level, he will focus his interest on more suitable projects.
Bitcoin is getting better than in 2018
The statements of the CEO of SoftBank come at a time when Bitcoin is heading towards new all-time highs, trading this November 20 above USD 18,000 per unit.
Many analysts and enthusiasts associate this increase seen in prices to the COVID-19 pandemic situation, which led to a fall within traditional markets, amid uncertainty due to the increase in the number of infections globally. Another incident that also had strong repercussions was the presidential elections in the United States, in which the Democrat Joe Biden defeated the Republican Donald Trump in a very close electoral contest.
There are some comments by reputable investors from traditional sectors, including personalities such as Stanley Drukenmiller, Bill Miller, Paul Tudor, Robert Kiyosaki, and others, who invited their followers to consider Bitcoin as an asset investment.
Other related events to this rise in Bitcoin prices are the actual move of Paypal adopting Bitcoin, as well as significant investments made by reputable companies, such as Square and many others.
By: Jenson Nuñez.