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Bitcoin Price Plunge Made SoftBank Founder Lose $130 Mln

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Tue, 23/04/2019 - 15:17
Bitcoin Price Plunge Made SoftBank Founder Lose $130 Mln
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If you lost big after the crypto bubble crashed in 2018, you are certainly not alone. According to a recent WSJ report, SoftBank Group founder Masayoshi Son lost a startling $130 mln on his Bitcoin investment.

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Yes, he’s still a multi-billionaire

Son, the Japanese billionaire who has a penchant for high-risk investments, ventured into Bitcoin nearly at the top of the bull market when the number one currency was inching closer to its current ATH of $20,000. He later sold his holdings in early 2018 at a much lower price.

That, however, doesn’t mean that Son, who runs the biggest venture capital fund in the world, has been left penniless after his Bitcoin fiasco. With a net worth of around $24.1 bln, he can afford a $130 mln loss. Hence, he followed the cardinal rule of cryptocurrency investing – never risk more than you can lose.  

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Less talk, more money

Bitcoin evangelist Peter Briger, who serves as the principal of Fortress Investment Group, was reportedly the person who persuaded Son to make such a gargantuan bet on the top cryptocurrency. It took a half-hour conversation for the businessman to invest $200 mln in Silicon Valley start-up Plenty, which allows growing crops indoors. Hence, it’s highly likely that Briger didn’t have to bother explaining the modus operandi of blockchain.

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