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There has been a lot of questions and panic in Japan following the news of Masayoshi Son losing about $130 million on Bitcoin. Son is a renowned investor who is likened by many to the famous Warren Buffett of the United States.
As with many other investors, Son accumulated a huge sum of Bitcoin in 2017 when the most popular crypto coin was at its all-time high. Sadly, news of his loss surfaced recently, leaving people with lots of questions. How did it happen? Whose mistake was it? Is Bitcoin really trustworthy?
Any other loss would have been different, maybe, but a big-time investor like Son getting burned by Bitcoin shows that no one is safe in the crypto space. Besides being the second richest man in Japan, Son is a renowned investor who has made lots of successful investments in the past. A big-time investor with all four senses of investment losing hugely to Bitcoin might be now perceived in Japan as a call for better regulation in the space. This is more than Son’s mistake. This is a mistake with the system.
Like Warren Buffet, the SoftBank founder has made great investment choices so far. He is the money bag behind Alibaba, America’s Uber, Southeast Asia’a Grab, and a host of others. How could a man well-inclined investment-wise lose to Bitcoin?
The question of how the news leaked out is still unanswered until date.
Borrowing a leaf from Warren Buffet, I guess Son’s mistake is investing in something he doesn’t understand. Buffett has always had a rather bearish stand on the crypto space, warning anyone who cares to listen that cryptocurrencies will come to bad endings. He believes there is nothing of value that is being produced from the asset.
This loss was a wake-up call to the Japanese government that has been working to secure Japan a seat at the table of the crypto elites. Son’s loss shows clearly that anyone could be a victim. Therefore, they plan to make better regulation standards that control the flow of cryptocurrencies. The Japanese billionaire’s loss now raises some questions on whether or not the country is being too lenient with a technology very few can understand and/or anticipate. Currently, regulators are curating a handbook they plan to submit during the G-20 Summit later in the year.
Hopefully, regulatory bodies will eventually find the missing ingredient and make actionable laws that would make the crypto industry a safer and more transparent place for investors and users across the globe.