SoftBank CEO Masayoshi Son admitted that he doesn’t know whether crypto is good or bad, while answering and which he said at Softbank’s earning news conference.
“There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble — honestly speaking, I don’t know,” Son said, according to Bloomberg.
Son did not comment on the high-volume Bitcoin purchases made by major companies, such as Tesla and Square. Comparing cryptocurrencies to more traditional commodities, he said:
“The popularity of cryptocurrency has made it into a platform that can’t be ignored, like diamonds and bonds.”
He also added that SoftBank is always having internal discussions on cryptocurrencies, and there’s no need to reject them.
Last year, Son mentioned that he was dedicating about five minutes a day to watch how the Bitcoin price fluctuates. But that has proved to be a distraction, preventing him from focusing on his own business, he said. Son also reportedly lost $130 million from his Bitcoin investment in 2019.