One of Japan's best-known entrepreneurs, Masayoshi Son, lost $130 million during the correction in Bitcoin that occurred during the 2017 bubble. Son has been referred to as "Japan's Warren Buffet." For the past two years, he has arguably - like the American original - disliked Bitcoin. However, he is quite open to innovation. Indeed, his company, Softbank, has invested over $100 billion in companies like Uber, WeWork and other Silicon Valley startups. BTC crash The Japanese billionaire's investment experience apparently didn't prepare him for the giant bubble that popped when the bitcoin market grew strongly in 2017. According to The Wall Street Journal, Son bought BTC when the cryptocurrency's price was approaching a record high of $20,000. Such a mistake in the context of his business experience must be shocking. The Japanese man later closed his positions when the hysteria surrounding Bitcoin subsided and thus lost $130 million. Noting Son's decision to invest in Bitcoin, Nikkei suggested that he himself had forgotten Buffet's "lesson" about never investing in something you don't understand. Billionaires' pessimism Buffet himself has proven to be strongly anti-crypto in his statements to the media. In 2018, he stated that "cryptocurrencies will end badly". In his opinion, they contribute nothing to the economy. His comparison of Bitcoin to "rat poison squared" will also go down in history. Despite this, something changed slightly in October 2018. As Bitcoinist reported, Buffet's Berkshire Hathway invested $600 million in two fintech payments companies that were not too far removed from the blockchain market. Still, Buffet and Son's stance shows the divergence of opinion between business leaders, as well as the cultural differences that occur between Westerners and Easterners. Son was interested in BTC, Buffet immediately crossed him off. Nikkei also notes that cultural differences between countries can affect bitcoin growth in a region. Despite the many bad developments in the cryptocurrency market registered in Japan, the local bureaucracy seems to be "on the right track" to regulate this space wisely. Tags bubble bitcoin btc price bull market investment Masayoshi Son Warren Buffet
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