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Billionaire Masayoshi Son Talks Bitcoin in Interview With New York Times

Bitcoin 2020/11/20 22:15 by Nick Chong

Bitcoin’s ongoing rally has been catching the attention of billionaires, retail investors, and celebrities alike. This much was made clear when Masayoshi Son, the famous chief executive of Softbank (which runs the Vision Fund), talked about Bitcoin and cryptocurrencies in a recent interview/presentation at a New York Times event.

Unlike some other billionaires, he shared that he isn’t too excited about Bitcoin right now.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

SoftBank CEO Talks Bitcoin in Recent Interview

Masayoshi Son, who famously bought a large amount of Bitcoin near the 2017 peak, recently commented on the cryptocurrency in an interview with the New York Times that he found Bitcoin distracting.

He doesn’t seem to want to buy back in due to Bitcoin being a time-consuming investment for him.

Son did admit, though, that he thinks cryptocurrencies and digital currencies as a whole have longer-term staying power.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Not the Only Billionaire Not Interested in BTC 

Ray Dalio, a billionaire investor, also signaled his hesitation to buy Bitcoin this past week. While he did say he’s open to changing his mind, he explained that the case for his skepticism is strong:

“I might be missing something about BTC so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong). it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power.”

Dalio isn’t the only skeptic.

JP Morgan chief executive Jamie Dimon recently said that he is not interested in the cryptocurrency, adding that he didn’t want this comment to make the news.

He said that he is instead focused on blockchain, which he stated can be a good way for payment systems to be improved in terms of their efficiency.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Billionaire Masayoshi Son Talks Bitcoin in Interview With New York Times

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