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Title: Japan’s SoftBank Making Huge Bitcoin Bet
Japanese conglomerate SoftBank is poised to make a massive bet on Bitcoin (BTC), further fueling the cryptocurrency’s recent price surge.
According to reports, SoftBank, led by its charismatic CEO Masayoshi Son, will invest $50 million in Cipher Mining, a US-based mining company. This move follows a similar investment made by SoftBank in January, where it acquired approximately 10.4 million shares (3%) for $50 million.
This significant investment is seen as a major endorsement of Bitcoin’s potential, further solidifying the digital asset’s credibility and legitimacy among institutional investors.
Son, known for his shrewd business acumen, made headlines last year when he personally invested in Bitcoin during the 2017 bull run. Unfortunately, this decision resulted in a substantial loss, but it seems that Son has not given up on the cryptocurrency.
The massive investment by SoftBank could potentially trigger a significant institutional buying spree, driving up demand and prices for BTC. The move also underscores Son’s conviction that AI-driven mining technology will be crucial to the future of decentralized energy storage and Bitcoin mining operations.
It is worth noting that SoftBank has been actively exploring opportunities in the blockchain space since 2019.
Source: https://u.today/japans-softbank-making-huge-bitcoin-bet
