The Bitcoin story of Masayoshi Son, CEO of SoftBank, is an incredible story.

As Business Insider reports, Son said he invested 1% of his assets in Bitcoin some time ago, following a friend’s suggestion.

The problem is that he had made this investment at the end of 2017, i.e. in the middle of a speculative bubble, and although neither the price at which he had purchased nor the amount of BTC purchased is well known, it is estimated that the investment was about $200 million.

However, at the end of December 2017 the speculative bubble burst, and from its peak of over $20,000 on December 17, the price of Bitcoin fell to $6,000 at the beginning of February 2018.

Son then claimed he did not understand Bitcoin well and spent a lot of time monitoring its price movements after investing.

In fact, he said he spent about five minutes a day, every day, observing Bitcoin price fluctuations, which would distract his concentration from his business.

At one point, he decided that he got tired of checking the price of bitcoin every day and decided to get out of it.

Unfortunately for him, during the course of 2018 the price of bitcoin did not return to the highs at the end of 2017, so he was forced to sell at a loss.

He claims to have lost about 50 million dollars, but according to a reconstruction of the Wall Street Journal he lost almost 130 million dollars.

Despite the loss, he said he felt much better to have gotten out of this investment, but at the end of 2020 the price of BTC went back to highs.

In other words, if he had waited another two years or so before selling, he would not have lost it and perhaps even could have gained something from it.

Softbank CEO and Bitcoin’s FOMO

This story is incredible, but it is much closer to reality than it can appear to those who are not in this world.

First of all, unfortunately, it is very common that people who know little about BTC are enticed by the purchase during a speculative bubble, that is, driven by an excess of euphoria, due to a sudden and significant increase in value.

The so-called Fear Of Missing Out (FOMO) is a powerful stimulus that blurs the reason, and leads to reckless actions, such as buying at very high prices.

Moreover, the nagging for the continuous control of the price, during the bullish phases, often grips who has bought at high prices, and in this simply Son, despite his experience, was no exception.

Investors with more experience in this field know that it is better to set long-term goals, unless you want to trade intraday, and patience often pays off when it comes to bitcoin investments.

Finally, Son proves once again, and even more so, that to invest in bitcoin you really need to have nerves, and a lot of calm. Emotions, including impatience, can cause a lot of damage, not only financially.

For this reason it is always advisable to study this type of asset very well before deciding to expose yourself to it.