Masayoshi Son billionaire and Japanese founder of SoftBank Group Corp., the largest venture capital company in the world, reportedly lost more than $ 130 million after a bad investment in the Bitcoin.
Caught up in the Bitcoin Frenzy
While the price of Bitcoin has reached its record value, amounting to nearly 20 000, towards the end of the year 2017, Masayoshi would have made a foolish bet on Bitcoin.
On the recommendations of Peter Briger, co-chairman of the group, Fortress Investment, the son of Masayoshi, would have made a significant investment in the crypto-currency.
Shortly after, His redeemed the investments of his son, thus doing benefit to SoftBank reserves of Bitcoin Fortress, which were worth more than $ 150 million.
Winter crypto has not spared
Although the character has proven itself with many risky investments but successful including the support of Alibaba, one performed in Bitcoin has not had the desired effect.
After the price of Bitcoin has dropped to at the beginning of 2018, the investment is suddenly a deficit instead of generating profits.
It was therefore decided to close his position, causing him to lose the huge sum of $130 million.