Japan's Third-Richest Person Just Gave Bitcoin 'Huge Endorsement'
01/31/2025 22:59
Masayoshi Son has made major investment in cryptocurrency mining company after previously losing $160 million with his failed Bitcoin bet
Masayoshi Son has made major investment in cryptocurrency mining company after previously losing $160 million with his failed Bitcoin bet
SoftBank Group has made a $50 million investment into industrial-scale Bitcoin mining company Cipher Mining.
Matthew Sigel, head of digital asset research at VanEck, has opined that this is a " alt="Article Image" huge endorsement" alt="Article Image" for the diversified Bitcoin/AI model from SoftBank Group CEO Masayoshi Son.
" alt="Article Image" Further evidence that Bitcoin is emerging as the hurdle rate for innovators," alt="Article Image" he said.
Cipher CEO Tyler Page said that the company was thrilled to welcome the Japanese financial giant as an investor.
$160 million Bitcoin loss
Son, the third-richest Japanese person, initially invested in Bitcoin at the peak of the 2017 bubble. As reported by U.Today, he ended up losing as much as $160 million after deciding to sell his Bitcoin holdings at a huge loss due to viewing it as a distraction.
Obviously, the disastrous Bitcoin bet hardly made a dent in his massive net worth, which currently stands at a whopping $31.3 billion.
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In 2020, he predicted that digital currencies would be " alt="Article Image" useful," alt="Article Image" but he stopped short of singling out a single token.
Softbank's AI bet
Earlier this week, it was reported that SoftBank was preparing to make a staggering $25 billion million investment in OpenAI. The terms of the investment are yet to be fleshed out, according to the New York Times.
The Japanese behemoth is also part of the $100 billion AI project called Stargate, which was announced in partnership with OpenAI, Oracle, and other major names.
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About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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