Former SoftBank CEO Has 10% Of Portfolio In Bitcoin: 'Listen To Your Kids'

Marcelo Claure, the former chief executive officer of SoftBank Group Corp. SFTBY has allocated 10% of his personal portfolio to Bitcoin BTC/USD.

What Happened: Speaking at the Bitcoin 2022 conference in Miami, Claure said he believes Bitcoin is one of the safest ways to preserve wealth.

“We’re starting to see Bitcoin as one of the safest ways in order for us to maintain our wealth, but more importantly, also it’s probably the only investment that exists today where the potential of gains is so much larger than the potential of an asymmetry,” he said.

Claure expressed concerns over a potential recession as one of the reasons he chose to raise his exposure to the apex cryptocurrency.

“We’re at the mercy of the government today… this is why I’ve made a decision to increase my Bitcoin holdings to 10% of my overall holdings,” said Claure.

The billionaire was also quoted saying “pay attention to your kids” when he explained how he first got into Bitcoin.

“I got into Bitcoin because I have an older son who was just beating the hell out of me every day. He says, 'Dad, you're the only guy who doesn't get this and you think you're a smart guy invested in tech' and all that. So you’ve got to pay attention to your kids.”