He lost close to $130 million in Bitcoin! But here’s what you should learn
“Watching the price was distracting my focus on my own business”
That’s the story of SoftBank CEO Masayoshi Son just surfacing.
Son admits he doesn’t understand Bitcoin, even after investing $200 million in the past. Keep in mind that this is just 1% of his assets.
Just like any Bitcoin noob, Son spent 5 minutes per day checking the price of the volatile asset!
It can be frustrating! He sold off at a huge loss in 2018 after he got tired of checking the price daily.
But here’s the thing!
He was at a stage every new Bitcoiner goes through. It’s common habit to check the price very frequently you almost lose your sanity. This itch usually passes after about a year if you’re an investor.
He just didn’t make it through his first attempt. Most people have done just the same thing as the Softbank CEO. “Buy the top, sell the bottom” – legend in reverse!
His $130m loss might be your ₦10m, ₦1m, ₦500k, or ₦100k loss. Just at different levels.
Masayoshi Son might be theoretically glad to move on, but he believes digital currency will be useful. However, he admits he doesn’t know which, what structure, and so on…
A few lessons I’d love to share with you
•Thoroughly learn about the asset you want to invest in
•Invest what you can afford to lose
•Be patient as long as fundamentals are still intact
•Invest in projects you are willing to track its progress
•Don’t get sour if things turn bad
Bitcoin has been on a tear lately and currently sits at $18,750 at the time of writing. Whoever bought at the peak of 2017 would have very little to worry about right now. A lot of altcoins will fade away, but there will be those with solid usecase that will bring outstanding returns in the coming bull run.
Want to learn how to trade? Get our Trading Mastery Course right away!
Prefer to wait for Black Friday? Keep an eye on this newsletter and our pages this coming week.
You don’t want to miss the awesome content we’ve packaged for you this season. Hit the subscribe button right away! Don’t forget to share these lessons with a friend.