As is a hard fact by now, the crypto space is a volatile trading environment. Most successful crypto traders will give you valuable lessons about it. One thing for sure is that most of the people who have had success in crypto trading are those that have exercised confidence in their investments and great patience in waiting for the right time to buy or sell.
That’s not to say that crypto trading isn’t risky. A Japanese billionaire lost a cool $130 million after investing in Bitcoin during the crypto peak of December 2017. Masayoshi Son is the founder of SoftBank Group.
Son bought Bitcoin when it traded at $20,000, probably expecting the crypto to scale up some more so he could make some profit. However, things didn’t go his way as Bitcoin’s price soon started hurtling down the loss valley in January 2018. Son quickly sold his coins, ending up with a net loss amounting to a whole $130 million.
However, it’s not the first time that Son has invested in something big. He’s known to make risky bets as he makes quick decisions. One of the most notable incidents is when he decided to invest In Alibaba after a simple 5-minute chat with Alibaba’s Jack Ma.
A Friend’s Advice
Son came around to see Bitcoin as a good investment after he talked to a friend who convinced him to throw some cash on Bitcoin. The friend was Peter Briger, a man known for his strong bullish stance on Bitcoin. In 2017, Son had bought a company called Fortress Investment Group whose chairman was the same Peter Briger.
Briger is an experienced investor, having bought his first Bitcoin way back in 2013. At the time Son bought Fortress Investment Group in February 2017, the company held over $150 million worth of Bitcoin investments.
Worth $19 Billion
The $130 million loss may seem unbearable to some people, but Son is a billionaire. The guy is worth a cool $24 billion, so the Bitcoin loss could be just a small dent on his vast wealth.
Now that Bitcoin and the larger crypto market is getting back up, it will be interesting to see whether such Billionaires as Masayoshi Son will be inclined to throw in their money. As a matter of fact, the true success of a crypto bull run will largely depend on the money flowing in, lest it risks a painful slump.