While the ongoing cryptocurrency bull run is boosting crypto adoption, some billionaire investors still find Bitcoin (BTC) to be something of a distraction.
Son said 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 stated that digital currencies are a useful development and that they won’t go away anytime soon, but he will focus on other projects. He said:
Son reportedly bought Bitcoin when it was near its historic high of $20,000 in December 2017. As previously reported, Son allegedly lost millions by selling the cryptocurrency in early 2018 when the Bitcoin price subsequently started plummeting.
Son’s latest remarks come amid a major bullish trend in crypto markets, with Bitcoin inching closer to $20,000. At publishing time, Bitcoin is trading at $18,227.