SoftBank Chairman Son Jeong-ui: "There is Much Controversy About Bitcoin... Honestly, I Don't Know Much"

[Asia Economy Reporter Park Byung-hee] SoftBank Chairman Masayoshi Son (photo) reportedly gave an answer saying he does not really understand Bitcoin, Bloomberg News reported on the 12th (local time).

At the event where SoftBank announced its fiscal year results, a question about Bitcoin was raised. When asked about his thoughts on the increasing number of companies investing in Bitcoin like Tesla, Chairman Son gave an ambiguous answer, Bloomberg reported.

Chairman Son said, "There are many controversies about Bitcoin, such as whether it is good or bad, what its real value is, and whether it is a bubble," adding, "But to be honest, I don't know."

However, Chairman Son added, "With the popularity of virtual currencies, a platform that cannot be ignored, like diamonds or bonds, has been created." He also said, "There is no need to reject virtual currencies," and "We are always having internal discussions."

In addition to Tesla, companies like Square and Nexon have recently invested in Bitcoin. Also, the number of companies accepting payments in Bitcoin is increasing.

SoftBank announced that it achieved a net profit of 4.9879 trillion yen (approximately 51.5 trillion won) on a consolidated basis in the last fiscal year (April 2020 to March 2021). This was the largest net profit ever recorded by a Japanese company. The previous highest annual net profit was 2.4939 trillion yen recorded by Toyota Motor Corporation in the 2017 fiscal year.

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