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Japan’s Second-Richest Man Bet Massively on Bitcoin. He Lost $130 Million
By CCN.com: Japanese billionaire Masayoshi Son made a huge bet on bitcoin at the top of the market. And lost. The SoftBank Founder reportedly cut a loss of $130 million of his own money by mis-timing the historic cryptocurrency bubble in late 2017.
It is not known exactly how much Masayoshi Son, worth an estimated $24 billion, poured into bitcoin. But he appears to have bought in late 2017 as the bitcoin price approached a record high of $20,000. He sold early in 2018 as the price collapsed, taking a $130 million loss.
The bitcoin price climbed ten-fold to $20,000 in 2017 before crashing back to $3,200 at its lowest point. Source: CoinMarketCap
Buying the Top of the Bitcoin Bubble
Masayoshi Son, who is the second-richest man in Japan, was convinced to invest in bitcoin by his colleague Peter Briger. Briger’s Fortress Investment Group has been sitting on bitcoin reserves since 2013 and was bought out by SoftBank in 2017.
The advice came back to haunt him as bitcoin’s epic 2017 bull run failed to keep up the momentum. By the end of 2017, bitcoin’s value had increased by almost 2,000 percent. As a successful investor, Masayoshi Son must have known this was a precarious time moment to invest.
In January 2018, bitcoin shed half its value, falling back to $10,000. What followed was a brutal “crypto winter,” which may not yet be over.
