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Opinion

Burned by bitcoin -- Son's misadventure tells wider story

Japanese billionaire's loss shows urgent need for regulation in nascent market

| Japan

Masayoshi Son is often called Japan's Warren Buffett. It is a useful comparison as the SoftBank billionaire scours the globe for value investments, and, as with Buffett, some of his choices leave observers perplexed.

News that Son lost $130 million of personal money on bitcoin is now Exhibit A of this phenomenon. As The Wall Street Journal reported last week, the Sage of Tokyo bought the digital currency in late 2017 just as it was peaking near $20,000. He then reportedly dumped bitcoin in early 2018 as prices nose-dived (since then it has recovered to about $5,100).

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