SoftBank CEO Masayoshi Son: Life has been much better since not investing in Bitcoin due to inability to handle the extreme price volatility.

SoftBank Group founder and CEO Masayoshi Son recently mentioned in the DealBook online summit hosted by The New York Times that he no longer invests in Bitcoin and stated, "Life has become better after stopping investing in Bitcoin."

Life Got Better After Stopping Bitcoin Investment

Masayoshi Son, the founder and CEO of SoftBank Group, recently mentioned Bitcoin-related topics at the DealBook online summit hosted by The New York Times. Those familiar with Bitcoin would know that this isn't the first time Son has been associated with Bitcoin. According to a report by The Wall Street Journal, Son once followed a friend's advice in 2017 to invest 1% of his assets (about $200 million) in Bitcoin when its price was nearly at an all-time high.

During the recent DealBook online summit, Son brought up this incident and mentioned that the constant price fluctuations of Bitcoin after his investment diverted his attention, making it difficult for him to focus on his daily work. Son said:

"Life got better after stopping Bitcoin investment."

According to The Wall Street Journal, Son's Bitcoin investment resulted in a loss of about $130 million.

However, despite Son halting his Bitcoin investment, he emphasized that he simply wanted to focus on other matters. This does not mean he denies the value of all cryptocurrencies and digital currencies, nor does it mean he believes that cryptocurrencies like Bitcoin will disappear quickly.

"I believe digital currencies will be useful in the future, but I'm unsure which digital currency or structure it will be."

Betting on Cash with a Gloomy Outlook on the Financial Future

On the other hand, despite the promising test results of vaccines developed by companies like Pfizer, BioNTech, and Moderna, Masayoshi Son remains pessimistic about the financial markets ahead. According to a report by CNN (source), he is extremely concerned about the outbreak of a second or even third wave of the pandemic and bluntly stated:

"Anything could happen in the next 2 to 3 months."

Under the impact of the pandemic, SoftBank Group's Vision Fund suffered severe losses, prompting SoftBank to announce the divestment of multiple assets earlier this year. According to Son, initially, the company aimed to liquidate assets for $41 billion, but the final amount nearly doubled, with the group currently holding about $80 billion in total assets in cash.

Son anticipates that before widespread adoption of the COVID-19 vaccine, some major corporations may collapse due to the pandemic's effects, ultimately leading to a "domino effect" similar to the Lehman Brothers incident years ago.

"One company (Lehman Brothers) collapsed, shaking the entire banking industry, and even triggering a global stock market crash... I want to be prepared for the worst-case scenario."