tl;dr
SoftBank Group has invested $50 million in Cipher Mining, a Bitcoin mining company, receiving praise from experts. The company's CEO, Masayoshi Son, previously lost $160 million in Bitcoin but remains incredibly wealthy. SoftBank is also reportedly considering a $25 billion investment in OpenAI and ...
SoftBank Group has invested $50 million in Cipher Mining, a Bitcoin mining company, receiving praise from experts. The company's CEO, Masayoshi Son, previously lost $160 million in Bitcoin but remains incredibly wealthy. SoftBank is also reportedly considering a $25 billion investment in OpenAI and is part of the $100 billion AI project, Stargate.
Matthew Sigel, head of digital asset research at VanEck, has opined that this is a "huge endorsement" for the diversified Bitcoin/AI model from SoftBank Group CEO Masayoshi Son. "Further evidence that Bitcoin is emerging as the hurdle rate for innovators," he said. Cipher CEO Tyler Page said that the company was thrilled to welcome the Japanese financial giant as an investor.
Son, the third-richest Japanese person, initially invested in Bitcoin at the peak of the 2017 bubble. As reported by U.Today, he ended up losing as much as $160 million after deciding to sell his Bitcoin holdings at a huge loss due to viewing it as a distraction.
Obviously, the disastrous Bitcoin bet hardly made a dent in his massive net worth, which currently stands at a whopping $31.3 billion. In 2020, he predicted that digital currencies would be "useful," but he stopped short of singling out a single token.
Earlier this week, it was reported that SoftBank was preparing to make a staggering $25 billion investment in OpenAI. The Japanese behemoth is also part of the $100 billion AI project called Stargate, which was announced in partnership with OpenAI, Oracle, and other major names.
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