SoftBank Invests 10% of Its 5.9 Trillion Won Fund in Cryptocurrency

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Japanese SoftBank has invested 10% of its $5 billion (approximately 5.9 trillion KRW) Latin America fund in cryptocurrency-related assets.

On the 8th (local time), Bloomberg reported that Paulo Passoni, director of SoftBank's Latin America fund, revealed this and stated, "It is clear that the most attractive investment space in Latin America is cryptocurrency."

In an internet broadcast hosted by the Eurasia Group, he acknowledged, "There is some bubble in cryptocurrency," but added, "This is the most important thing happening in the world right now."

He also said, "There is a saying in investment: 'Follow the talent,'" and added, "The most talented people in the world are currently moving towards cryptocurrency-related projects."

However, a survey conducted by global asset management company Natixis Investment Managers targeting institutional investors from various countries forecasted that cryptocurrency is likely to plunge next year and is the top candidate for adjustment.

Additionally, three-quarters of the institutions participating in the survey responded that cryptocurrency is not a suitable investment target for individual investors.

Among these institutions, 28% are currently investing in cryptocurrency, and nearly one-third of them plan to increase their cryptocurrency investments next year. This corresponds to about 8% of all survey participants.

In the Natixis survey, about 40% responded that they consider cryptocurrency a legitimate investment option.

The survey was conducted from October to November targeting 500 institutional investors from various countries.