Japanese billionaire and Softbank founder Masayoshi Son reportedly dove head first into the bitcoin craze during its peak in 2017, which has ultimately led him to lose more than $130 million as the cybercurrency fell.
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Son, who is worth an estimated $24 billion and is Japan’s second richest man, took the advice of a well-known “bitcoin booster,” according to the Wall Street Journal and invested a large amount of cash into the cryptocurrency during its peak at $20,000 in December of 2017.
However, shortly after that the cryptocurrency started to plummet, forcing Son to sell and swallow the loss of $130 million, sources told the Journal.
While the exact size of the Son’s original bet is unknown, the Journal did say that Son was prompted to make the investment by Fortress Investment Group co-chairman Peter Briger, who first bought bitcoin in 2013, when the price hovered around $600 and $700.
Despite recent gains and a 5% boost on Tuesday, bitcoin’s price is only around $5,597, according to CoinDesk’s price data.
A Softbank spokesperson did not immediately respond to FOX Business’ request for comment.
Many billionaires are still bullish on the cryptocurrency despite its rapid price decline over the last year. Billionaire Tim Draper told FOX Business last May that he believes by 2022, bitcion will hit $250,000.