Bitcoin Forum

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

If he is already rich enough, he may not need bitcoin, although I find your argument too simplistic and I would like to know your friend's level of 'rich'. Do you know approximately how much wealth he has?

Anyway, it is a bad idea to try to change people's minds on financial matters.

Just wallet that hold worth of one millions of dollar of cm bitcoin got to 81,000 wallet addresses recently. More people hold bitcoin which are not up to $1 million dollars.

Bitcoin was at $36000 when this report was out.

https://cointelegraph.com/news/bitcoin-millionaire-wallets-triple-this-year

You can check some information about addresses on glassnode.

There are many people, including institutions that are holding bitcoin. He thought institutions do not have a reason for holding bitcoin?

I hope it is not too late when he will realized what the value of bitcoin could be in some years to come.

If he doesn't see the point, he probably has enough of the wealth he has. He is happy without bitcoin. I agree with the previous opinion (https://bitcointalk.org/index.php?topic=5474191.msg63163378#msg63163378), there is no need to impose your opinion in financial matters. You could lose a friend.

Do you have any answer to the question I asked you earlier?



If you could tell us in your words, how rich he is.

I don't think so. Because Bitcoin was created as decentralized. Billions already are floating right now in the Bitcoin market and we have already more than 10 years but why no one else try to do it or like take it down?
For me, big companies are already in the market and they are not dumb enough not to think this kind of reason.

That's a made up excuse, maybe because he is already rich, he should have just said that he is not interested in Bitcoin, all the names you mentioned came late to the game, many nobodies bought Bitcoin before these popular people.

He lacks some facts about Bitcoin, it's easy to see that, I could remember few of these names saying bad things about Bitcoin years ago, but let's put that aside, isn't he curious why these people are now buying after saying bad stuffs about Bitcoin? I think you should ask him this question.

How smart is this rich guy of yours OP? Because I don't believe that he his smarter than all these people you made mention, he is the one lacking lots of knowledge and he will miss out really big if he didn't buy Bitcoin, he has the money, what could possibly go wrong if he risk small amount of money? Never mind, leave him be and don't let him confuse you, that's all I have to say.

When I first learned about Bitcoin, one of my friends told me that it belonged to a group of Chinese miners who owned all the Bitcoins. Would you like to invest in something like this? If we assume that Cz owns a million Bitcoins and Michel Sailor company has open data, and I think they have 360,000, and if we continue listing the list, we may find that some conglomerates own 5 million Bitcoins, and we still have more than 3 times this number. Either smaller conglomerates or unknown people, and even the list of rich addresses do not all belong to one alliance.

We invest in Bitcoin because we want to profit from it and become financially stronger. this is why we use bitcoin investment as a source of income.  But if your friend has enough money then investing in Bitcoin may not be a motivation for him. Because maybe he has some alternative business or job from which he earns enough money to live a luxurious life.  So the benefits of Bitcoin have not encouraged him so far

It doesn't matter if your friend doesn't want to buy and hold bitcoin because that's his choice. I don't think the price of bitcoin will be affected by whether your friends buy bitcoin or not

In my opinion, lowering the price of bitcoin by selling bitcoin en masse is difficult. No one wants to sell bitcoin en masse if it has the potential for higher prices in the future. Apart from that, if they sell bitcoin en masse then just wait until the price of bitcoin goes up again because the number of bitcoins is limited and many people want to own bitcoins.

I don't think his assertions are correct on this note. This is just a perspective he's giving to it but he hasn't really go deep in the whole Bitcoin technology. Truth of the matter is, Bitcoin is not owned or controlled by a small number of people like he portrayed but Bitcoin is a growing technology that has developed a large number of individuals from across the globe. Because of the anonymous nature of Bitcoin and the crypto world, it becomes very difficult to simply put that Bitcoin is owned by the above-mentioned names. That cannot be the case.

There are an estimated number of 400 million plus owners of Crypto wallets with over 219 million of those numbers owning Bitcoin private wallets and the trading value of 17 billion dollars traded in just 24 hours as of August this year Source (https://www.techopedia.com/cryptocurrency/how-many-people-use-bitcoin).

So I think it will be too simple to come to that assertion about the number of those who control the decentralized market. Although, your friend has all the options to stick to his choices, but if really he's that stinkingly rich and he's an investor, he would love to have a major share in the Bitcoin market.

He is right but why haven't the people with a lot of bitcoin sold any? Some continue to accumulate even with a significant amount.

When it comes to bitcoin investment its important to understand that not everyone might feel comfortable investing in it. If you have a friend who is hesitant to invest in bitcoin, its best to approach the topic with an understanding attitude and provide them with as much information as possible about bitcoin and its potential risks and benefits. The decision to invest in bitcoin must be left to the individual. Its not necessary to force anyone to invest in something they're not comfortable with.

Well you should know and also tell them that Bitcoin is not an investment, it is a currency and its purpose is not to give you profit. It is made to give you financial sovereignty. By converting your centralized censorable fiat to the decentralized censorship resistant bitcoin you can freely use your money without having someone else's hands in your pocket.

The fact that your "friend" thinks a scammer like Wright has a lot of bitcoin shows how little he understands of the Bitcoin world. They are probably better off not having any bitcoins at all. ;) Such people can be easily fooled and be taken advantage of.

Some car people not interested in Ferrari
Some foodies not interested in French pastries
Some landlords not interested in house boats.

And so on.

Many people are never going to want to be involved in BTC / crypto.
That's fine. Same way you can pick any of the examples above where a lot of people are making / spending a lot of money and have no interest in certain things that are associated with what they are doing.

-Dave

Yeah, and some people are not interested in answer simple questions to threads they open, asked to them in the first comment, which leads some to think that the story is made up, especially if we look at the OP's post history. It seems that not having much success in the bounties section drives some people to this section.

This is nonsense, there are tons of whale holders including institutional investors, exchange, VC and crazy rich person. I’m not sure what kind of nonsense he is talking but even on stock exchange has this kind of share holders that holds the majority of the stocks.

I believe the real reason why many rich people don’t want to invest on Bitcoin is because they are afraid on the volatility. They already have a decent source of income that makes them rich, entering a much riskier investment will surely turn them off unless they are risky type rich that wants more aside from their original investment.

whether he is interested or not interested in investing in bitcoin is his choice and i have no right to change his views. but such a simple reason doesn't make sense to me, does he think that such a large global economy is not controlled by just a few institutions, families and people? he was too naive.

and moreover, why did he immediately conclude that bitcoin was only held by a few people and institutions when he just learned about it? which website did he see that made him say that? because as far as i know the global distribution of bitcoin is not centralized in just a few people and it would be very difficult for them to control this market as a whole.

Does he not understand the concept of bitcoin despite having studied it? Maybe he already considers himself rich and is afraid of being cheated when investing with bitcoin because of the people mentioned, let people like this even I myself will not respond if I have friends like that.
He will not believe in bitcoin even though he knows, but he will regret it when the price is high, no matter how rich the person will certainly need a profitable investment but with this mindset he tends to ignore other thoughts, I think he did not have an interest from the start even though he had studied it.

Haha, OP, you got me all mixed up with the name! When I saw the notification for the new topic started by [SAHASAN], I was totally expecting something else. Anyway, whether it's Shasan or Sahasan, doesn't matter! ;D But hey, sometimes it does matter, right? ;).

Anyway, according to your friend, there are fewer people with more Bitcoins and a fact, but there's a large community just waiting for a drop to accumulate this is what we call the reliability and Bitcoin's strength. even if the market drops there are huge potential buyers to pull back the market to the same level. Weather to invest or not in the Bitocin is totally a person's choice bu before making any decision better analyze the community views, Historical events and upcoming potential adoption.

You should lower your expectation level mate, I dont think the OP here is interested in that discussion rather trying to "fish" for other forum related "goodies".

No offense to the OP though, but I and most members here have seen more number of threads like this and we all know how real these "friends" are. In either case if they think that a few people owning big amounts of bitcoin means they control it, you are explaining it wrongly - focus on what decentralization is and how bitcoin is minted and the supply. Show them how charts have been changing and what happens when price rise or dump starts.

If they still dont understand it, dont force it. It is their money and they are free to use it as they wish.

Your have limited knowledge about Bitcoin that is why he thinks that it is only few people that hold bitcoin and they can let it down when they want which is very wrong.
Despite bitcoin been in a limited supply, it is a store of value and it is decentralize unlike altcoin.
If your friend said that Altcoin can go down if the investors decide to brings it down, I will agree 100% with his thoughts because they are centralized and can be tempered with through bankruptcy, emotions and others.

Apart from even having rich friends not interested in BTC, one thing to understand about the Bitcoin idea is that it is still money. It is an option for a kind of money that has its own opportunities and discoveries.
Those who become rich from BTC investments sort after it as a means by which to get more wealth by being disciplined and persistent with investments in it, or by using it as an alternative to stay safe away from prying eyes and government palava.

So who then is your friend,  that he is afraid of all the names mentioned?


I don't believe in your friend's assumptions that Bitcoin is only held by a few sets of people who like their control over what direction the value of Bitcoin will go, so for sure bitcoin as a proof of work, is not easily manipulated by high volume providers like what we have with the proof of stake network where a few pool providers can easily manipulate and control the transaction confirmation, e.g like the Ethereum network recent network migrations.

Learning about it does not make someone fully trust on Bitcoin. People's opinion will only change about Bitcoin being positive when they learn everything about it. When I say everything I mean everything. From the good, to bad, to the worst. Every single details need to be known for person to fully understand what Bitcoin really is and what it can do.

Assuming that your friend knows enough but still don't want to trust Bitcoin, then it is his personal choice. If they are not interested in it then leave it like that. Him joining crypto world won't make any good for you. So why waste time on people who are ignorant? If you are happy with your decision about joining the crypto world, be happy with it. What others do and doesn't, it shouldn't affect your life at all. Be on your own and write your own story. Do not interfere in other people's personal space. And never give financial advice to people even if they are your best friends.

You have to explain to him that the world is going digital and if he lives longer, his cold hard cash may not be useful anymore because the government will deem them useless. But I think old rich people are more into gold investment as they are more into physical investment like real properties.

I have met such kind of person and he is open to new things, he still lives in the old town since the time he was born. Never go live somewhere else.

First of all I don't know how much your friend is richest ::). But he has the full rights to control his fund where he should invest. There is no need to force him to invest in Bitcoin.  If you want, you can show him just some information.
For example, does he know what percentage of Bitcoin's total supply is lost forever? It is estimated that about 30% of the (https://www.makeuseof.com/how-much-bitcoin-is-lost-forever/#:~:text=Estimates%20suggest%20that%20around%206,a%20guess%20at%20the%20password.) total supply of Bitcoins is lost forever and this 30% Bitcoins will act as a donation to many future Bitcoiners. So apart from these there are now large whales who are holding and many more miners and bitcoin holders than that. Otherwise only they would have manipulated the market so far.  Manipulating phenomena is not completely untrue but its effect is not long lasting. But to avoid this little manipulation, I think it is true that the adoption of Bitcoin by more people on a larger scale is more important than holding such big whales.

The market isn't interested in him neither and that's why let him say what he want to say and let his opinion be voiced out about Bitcoin. It's true that there are a lot of holders that can move the market as what we call whales. But it's not what he's thinking of letting the market down through them. Aren't we used already to the moves of the market based on the news that we're seeing whenever there are good or bad news that's being released by the media? It's okay if your friend doesn't need Bitcoin, the known and rich people in several industries that are investing on it. Nothing personal, someone might like or not Bitcoin and your friend is on the latter.

Probably he doesn't see any high potentials with bitcoin and he's good even without bitcoin. Even if you are aware how bitcoin works, as long as you're not totally convinced that its going to give you life-changing profits, then you won't be totally in it. If you don't have enough faith on bitcoin, then it's better to just stay away from it. Otherwise, if you suffer from losses, you might be putting your blame to other people.

People have different views about bitcoin. Some may positively see it as a means to improve their life, while others believe that there's no special on it. As long as you don't see yourself convincing other people to trust on it, then you're safe.

Okay, I do not think your buddy is looking at this the right way.  The crypto market is friggin' enormous and  even if some big players like CZ or Saylor or whoever have a decent chunk of Bitcoin, thats still just a drop in the ocean compared to how much Bitcoin is out there.  I mean do the math.  These guys cannot control the whole market. 

Sure, if one of them makes a big move, it will cause some ripples and people will react.  But sinking the whole ship? No way.  Thats just not realistic.  Bitcoin has gotten so big that no single person or group can have that much influence anymore.  Theres too much momentum behind it at this point. So in my opinion, it is silly to freak out about a few whales moving the price up and down.  Thats just short-term noise.   

They have their own reasons and we have our own reason as well. And we can't just expect that whatever we say about bitcoin, they will find it easily believable and easily put their trust on it. Know that once money is involved, rich people are more meticulous than average people and they won't easily invest on something unless if they have seen it more worthy of their money and more profitable than other types of investment.

It's safe not to assume that if bitcoin creates a life-changing result with some people, the outcome might be somehow different to other people. One thing is certain, you have to trust your investment first before you decide to take the risk. That way, you will be more open whatever outcome it brings to you.

Your friend lack exposure to financial system. Is he going to say the same thing if they open Vanguard and Blackrock portfolio to him, will he say he will hate Tesla and Microsoft for these two entities that dominate this stock and shares? I doubt know, so I think his argument is malnutrition without a quality reason for snubbing bitcoin. At least, he should have a concrete and solid reason and not CZ and the rest that are not even among rich list of bitcoin.

Micheal Saylor does own most of the coins under his management, it's people investment and it's his responsibility to look after because that's his job. As for CZ, bitcoin isn't the asset that made him along richest crypto dude, it's bnb and that coin depend on the growth of his exchange, it doesn't have anything to do with bitcoin. Craig Wright is just another lunatic disguiser that is wana be Satoshi but when nobody took him seriously, he is in one corner resting his legs without any influencing power again.

The context of the OP's thread isn't correct in the sense that, a person who learned something can't be said to not have interest in it. I mean nobody forced him to learn bitcoin. So, at that time he was interested in bitcoin. But, to some extent. He did his research, and wasn't satisfied enough to invest into bitcoin. Yet, such a person has invested time, also, in learning bitcoin. Which isn't bad at all. Not everyone would practice what they've read. Hence, making your opinion very correct. His friend's decision should be respected at all cost. What if the going gets tough as usual in bitcoin, and Op's friend lose his money. Wouldn't he feel bad about his friend, whose consistent talk of bitcoin convinced him to invest money in bitcoin, while he had no such intentions of doing such thing. Additionally, personally, people always cut friends that wants them to do what they're into at all cost. Friendship should be respected. I'm not saying Op is forcing his friend to join bitcoin world. But, it's slightly close to that.

Bitcoin as far as i known is for everyone and even though just a few percentage of people know and use Bitcoin globally,  but then also we also have hard alot of bitcoin users who uses Bitcoin for day to day transactions, so even though you have all the money in the world,  bitcoin can still be a currency for transaction to for instead of taking it as a form of investment.

What your friend also need to do is to have a change of mindsets, because with his current understanding of what Bitcoin is and the possibilities of becoming dummied by the perceived whales as mentioned, the likely existence of that is not there so for sure Bitcoin price is volatile but through the volatility, one good thing has become available.

After your friend has learned about bitcoin, what he can only be afraid of is the few people that have a lot of bitcoin(the whales) to dump the bitcoin they have on the crypto market. That's funny because he failed to understand that and realized that institutional investors, crypto influencers, and investors are all investing, promoting, and aligning themselves with bitcoin so that they and their family and friends won't miss out on the financial freedom that comes with bitcoin investment.

After your friend has seen or heard about this, what he can only be afraid of is the dumb to happen. And to him, if the dumb of bitcoin is to happen by the whales at the same time, that's the end of bitcoin in price. Is that what your friend means? Sorry to say this, I don't think your friend learn about bitcoin enough because someone who does would know that the few who owe a large amount of bitcoin won't choose to dumb their bitcoin at the same time. Even if they do, there will still be many people who would like to buy bitcoin at a low price, knowing full well it will increase back in price with time and that will give them enough profits.

Each of us have our own reasons why we decided to do it. Your friend may be rich let's put it that way since you didn't explain or tell the level of how rich is your friend. You should ask your friend if there are other reasons why your friend isn't interested in Bitcoin. I respect your friend's decision but for people like us is that it is a good opportunity to earn money. Well, I wonder who would trust crypto right away after learning about it because I am sure that some people are anxious about spending their money to buy crypto at the beginning.

well, we can't expect everyone to be impressed on this market. so there's no reason to force them to believe what this market can do. they will have their own time of appreciation of this market and you should not shove it on their face. so just leave it and it is not your loss if he won't be here in this market. he maybe has other options to improve his wealth and that's none of your business.
on the other hand, if you believe you have very good chance on this market, why not exhaust all possible options that you can involved with.

I believe @OP friend is already at a financial freedom status.  So @OP's friend think that he is not missing out on the opportunity if he will not invest in Bitcoin because he is already well-off and probably @OP's friend has business that is giving him way more profit than investing in Bitcoin.

My friend is also not into Bitcoin but he is getting richer each day because of his successful business and it is being franchised in different part of the country.

@OP's friend's argument makes sense, if only a few individual holds most of Bitcoin then, the market can crash instantly if these people decided to dump their holdings.


It is possible that @OP's friend got interested on Bitcoin in some point but then realized the distribution of coins and thinks that there are few individual that has the capacity to crash the market and got disappointed knowing it. 

Besides being interested does not mean the person will indulge himself on investing or using it.  Probably it is the curiosity that pique his interest and found out get disappointed on what he found out upon researching about Bitcoin.

I highly agree, we must respect others decision and point of view about Bitcoin investment and the Bitcoin market system.  Besides it is not our money that these people will use if they decided to invest but theirs.  So we actually should have no say on whatever they wanted to do with their money.

In these times, there are still many rich people who have no interest in Bitcoin. The only ones who are always interested in it are the rich, who see this great potential and want to increase their wealth, so they buy it.

Yes, it is true that it is still too early for others that Bitcoin can be considered very young compared to other opportunities that have been in the industry for decades like this, but change Bitcoin, because many people have become aware and others have made a living even hope because of Bitcoin because they had a new solution to their financial problems.

It is not everybody that hears about Bitcoin that will be interested in the benefits that it offers and that is normal and something that we have to come to terms with so that we do not keep forcing it down to this people to invest in Bitcoin. Rich and already successful people may not be interested in bitcoins because they have already set other investments and have their way around transactions across the border. It is difficult to convince a rich person about something new when you are not as successful as they are.

We can say that not all have an interest in the crypto market and it is because of different/opposite views about Bitcoin. We can't force them either and influence their thinking because that only causes misunderstanding. In fact, even in our family, some of them don't support us meaning, they are just like those rich people who also ignore and are not able to see the potentiality of Bitcoin. In the end, Bitcoin investments are just for those people who have an interest and are willing to understand how it works, not just because they are rich or even poor.

Bitcoin is not an asset you rush people into investing in it, but rather an asset people invest in it after haven known its value and how it works. So if you said you have a rich friend who do not want to invest in Bitcoin, than that's totally fine, because inasmuch as one had got a business which fetches him/her good sum of money weekly or either monthly, it will be very hard for such people to invest a money meant for business in an asset whose value likely to depreciate or appreciate due to it's volatile nature.

So it's totally okay if people knows about Bitcoin and yet decide to place either business or any other assets a top priority.

So what? Just let your friend do his thing. We don't need him and if he's that rich enough, he knows what to do to retain his wealth. While we're here, we're just chilling and waiting for the bull run. Money is still money and even the richest people likes to have that money that's coming from the bull run. Why look at those people that have a lot of bitcoin when you don't even have it? Let the number play itself and let it grow overtime thanks to the demand and halving that's going to make it scarcer soon.

OP, if Bitcoin was only held by those three groups of people, like your friend thinks, then Bitcoin will probably be very scace and unacessible to many other small and new investors because those guys you mentioned will probably be hoading their Bitcoin so that the price will skyrocket before they sell. Normally, I am aware that we have whales that have large sums of Bitcoin, but that's not enough reason for me to decide not to invest in Bitcoin. Even if I invest just a small amount of money into Bitcoin (like, 20k) and hold it till a bull market, I know that during the bull market, when everyone will be taking their profit, I will obviously sell the fraction I am holding and also take my profit. There's no big deal and not much of a concern, even if whales have a large sum of Bitcoin.

First, Craig Wright shouldn't be considered a Bitcoin enthusiast.
The reason you provided above is not enough reason for your friend not to have an interest in BTC if he/she understands the technology aspect of it and the reason why people like CZ, Sailor, etc will never go down on BTC with the inclusion of reason why they always pump their own into it.

I think this is a common thing with bitcoin because not everyone likes bitcoin. Buying or not buying bitcoin is your friend's choice, we don't need to force him to agree to bitcoin and buy bitcoin. Just leave it alone, if he knows the price of bitcoin will be very high in the future he will definitely regret his decision and start to be interested in bitcoin.

Additionally, if people thought they could destroy the price of bitcoin by selling bitcoin massively, if they wanted to then they should have done it when bitcoin touched the ATH of $60k but that didn't happen. I also believe these people will not sell their bitcoins because they believe bitcoins will become very expensive and are an important asset to hold on to.

Exactly. He knows as much as he reads in the mainstream media.

Craig doesn't own the 1 million bitcoin he claims to own, otherwise he would've used the money to pump his SV shitcoin long time ago.
Michael Saylor doesn't control bitcoin in person. It's owned by Microstrategy and that company has a board.
Most of the coins associated with CZ is again owned by Binance, not him in person.

If Black Rock buys bitcoin for the ETF OP's friend will probably say that its another whale owning bitcoin that can dump it all.

When it comes to big institutions and whales getting involved with cryptocurrency,  is kind of a double-edged sword.   Their moves make waves for sure, but it also makes crypto seem more real to a lot of people and  it's almost like a high roller poker game - the whales have a ton of chips to throw around, but that makes the game seem more legit too.  More places putting money into Bitcoin does add some stability, even if the price goes up and down a lot still.  The crypto world is kind of growing up and getting harder to manipulate as more individuals and big players come in.  But the whales can definitely still make some waves when they want to! It's a mixed bag really.

He is already riched and is contented to his sources of income as long as Bitcoin is not for everyone nomatter how series of diverse of your investment in as much it is not possible for anyone to be a pertaker in every existing industry nomatter how lucrative and promisable profits it would be.
There is like and choices to life.

Wait until mass adoption of bitcoin finally takes place as it will surely attract the rich community to see bitcoin as a profitable investment and a reliable currency. But for now, knowing bitcoin is not yet fully established, its expected that some people are still doubting of its own potentials, most especially those rich people who only risk their money on something that has bigger potentials to succeed, and bitcoin is not their choice.

However, its a good thing that they are seeing bitcoin that way at the moment while bitcoin development is not yet completely stable and established. But to be honest, these rich people won't want to see themselves left behind when everyone else around is hurriedly investing in bitcoin. For now, bitcoin is still considered as their option, not their final choice.

Yes, sir, I appreciate that you have explained it very well. And if it is seen in reality, what they claim is wrong, because I have not seen anyone who takes the investment and says that I can up and down my assets by selling or buying the market, but every time I have been hearing from someone, that is, from big people, that we cannot raise or lower the market for ourselves because there is no one in this market, only one who can control the market; rather, there are many investors who want to muniplate this market. You can show a correction in the market by buying and selling according to the trend.

The advantage of cryptocurrency is that it is decentralized; it does not have a limited authority; only he is running it, but everyone works together. It is true that CZ has a large amount of Bitcoin, but he simply cannot munipulate the market; rather, he needs a large amount to munipulate the market. And in a decentralized world, it is not appropriate to look at the capital of only a few people and say that these are the people who control the market, but CZ says that the market cannot be predicted. They also have this idea that the market cannot be controlled by single-buddy people, but many people work together under cover.

I hope now OP's friends understand what the truth is.

I have read your post over and over again but can't find what is actually the essence of your question here!  one thing you have to understand, it will be calmer if you only take care of your own life, you may be very good to your friend but will it run smoothly in the future, let him not believe and buy bitcoin as long as you believe and buy bitcoin then you have supported bitcoin to continue to exist. Later, when the price of bitcoin has passed $100k, I'm sure your friend will really regret his distrust of bitcoin.

Most of the people into the bitcoin market were the one who want to make themselves rich. From the words of OP it is clear that his friend is already rich. When he have enough money and doesn't want to risk they'll find reasons. Apart from this, bitcoin is much preferred by the people who love technology advancement and understand well about the development taking place with time. Majority of the mined bitcoins into the hands of limited members doesn't give the control to the them. Market manipulation takes place, can't deny it. What needs to be understood is to what extent the manipulation happens.

This is not strange, because you have also seen many billionaires who are not interested in bitcoin because they are rich enough and do not need to risk investing in bitcoin. That is why gold or real estate are still sought after assets and still in higher demand than bitcoin. Bitcoin is not yet an option for every investor.

Bitcoin is not the only investment that can bring wealth. I have a few real estate trader friends who have never been interested in Bitcoin and are making more money than us bitcoin investors. So there is no reason for them to risk choosing bitcoin when they are very rich. Frankly speaking, bitcoin is the choice of most people like us who want to get rich quickly with small capital. We want to become rich, want to earn hundreds of times more profit with our small capital and bitcoin is the choice. But many people will not dare to admit this, because they are afraid of embarrassment.

If I was so rich, I wouldn't have known about bitcoin or pick interest in it. I wouldn't have been in this forum also. I would definitely be importing cars and aircraft spear parts into my country. Bitcoin is not always a thing of the comfortable people. It is because I lost funds to scammers and I was finding a way to fix myself into an online earning, that is why I am here.

People who are overly rich only looks for opportunities to invest their money and such opportunities would be what they know too well and trust, that is where bitcoin does not stand much chances to compete.

Well, your friend does have a point, but I don't agree that only a few people hold most of the bitcoin because, based on what you can search, there are a lot of bitcoin holders. His point is that, yes, those who hold a very large amount of bitcoin can affect the price and movement of the bitcoin price; that's what we called the "whales". 

Of course, your friend will have no interest in bitcoin because he already has wealth, so it's not necessary to stress himself with bitcoin, and of course he doesn't know the value of crypto currency to us, especially bitcoin, because he's already rich. That's why he said that, maybe because he has no idea about bitcoin at all, because what's the point? He already has the money and maybe is focusing on other things, like business or what, but if his wealth is inherited only, then it proves that he doesn't know the value of bitcoin at all, as for use, it is an opportunity.

Your friend is just learning bitcoin on 1 side, does not cover the whole. I don't know why newbie always compare bitcoin with price even they can get more than that. Bitcoin is a new technology where they can learn everything with that such as blockchain tech behind, and how to secure your data on that. The price is just a bonus with that doesn't guarantee it will make him happy if the price rises multiple time. So if your friend learning the technology behind bitcoin, I really sure he will get more benefits than that price, and maybe he will create something bigger than that. So, if we look at the major discoveries by several ancient researchers, they don't care about profit, their goal only benefit of the people, but after that he got everything he wanted.

As a rich person then you would really be always having that kind of impression on which you would really be needing to deal to be one of the first or early investors on which it is really that a common behavior of someone whose rich because they wont really be that so dumb on not to be wise on taking investment as early as possible. If they have seen something
that they are already that late and seeing that only a few wallets owning big stash of coins then those kind of comments would really
be that normal.

Well, just let him be and pretty sure they would really be reconsidering it again and might be able to ask you about it later on when the price
do hits up some another all time high. People do loves to hesitate but since he's rich then he would care less.

If someone is not interested in buying Bitcoin even after learning about it then it's far better to let that person do whatever he/she wants to do because we can't force someone to invest in Bitcoin as it's someone own choice whether to go with Bitcoin or not.

Your friend will surely regret about his decisions during the next ATH because he will think that why he didn't invested in it. Just allow him to do whatever he likes to do, don't force him to invest in Bitcoin.

Your friend has a valid concern. There are indeed big whales in the Bitcoin market. These big whales can actually dump what they have and cause the price to fall. But your friend is probably wrong in overestimating these whales' capabilities or influence in the market.

What happens if Michael Saylor for example suddenly decides to sell all of his billions of Bitcoin? Supply would of course beat demand and the price would nosedive. But that's not going to be permanent. Sooner or later such sell pressure would weaken until it's gone. The market recovers and gets back to the previous price. There will always be buyers. Something similar has already happened in the past. Look where we are now.

Some public known whales in Bitcoin Treasuries.
https://bitcointreasuries.net/

Micro Strategy is one of Bitcoin Whales and it's unrealistic if anyone believe Saylor and Micro Strategy only buy bitcoin and they will never sell bitcoin. They buy it because it is one of their investment so investment must come to a point to take profit. They might be like Warren Buffet and Berkshire Hathaway, can hold good assets for many decades but no single selling time, it is impossible.

They must sell part of their investment to get money for business operation, for retrieve their initial capital to make sure if worst thing happens, they will still not lose their initial capital.

He'll be interested when Bitcoin rises and makes headlines to the news, and will come to you with regret why didn't he listen to you and made purchase.


Although, he's correct in his own regard, market will go down if these people or other whales were to make market sell. But, we all know it'll recover, as it did before.

Same old reasons from the rich folks that we've known, they're not interested until Bitcoin blows with its prices again surprising them that it's skyrocketing so fast.

Lock him up whenever he shows interest when the price of bitcoin reaches back to its former ATH or even higher than that which is more likely to be like 6 digits soon.

While the nature of Bitcoin will certainly recover quickly after that.

I so disagree with the op .  I have a friend he is a retired banker.  He is wealthy and he is 77.

He has well over 20 million usd. We mine in his office just for fun.

So if a 77 year old worth over 20 million usd is willing to mine and we are still trying a good property to turn into a mine the answer is wealthy people do have an interest.

Yes of course. Michael Saylor doesn't promote Bitcoin because of what Bitcoin fundamentally offers in terms of decentralization and freedom from the shackles of the government and bank's role in everybody finances. He is obviously more into Bitcoin's price. The way he hoards Bitcoin speaks so much of this greedy motive than his love of the technology. I don't believe investors won't sell. If they have Bitcoin, use it as a currency, then that's realistic. But if they have Bitcoin, keep it, add more to it, keep it longer, that's not about Bitcoin itself but its price.

If he is really rich and has a stable income then the fact that he is not interested in bitcoin is not bad or he is wrong. You should not expect that one day he will regret not investing in bitcoin, with that in mind, it is like we are ready to curse someone if they know about bitcoin but do not invest in it. Don't forget that many people around you are living richer, happier lives than you without bitcoin. Bitcoin is just one of many tools that bring us money, and people have the freedom to choose what they want.
If they invest in bitcoin then we welcome and welcome them because we are of the same mind, but if they don't like it and choose something else then that's okay, as long as they are happy with their choice.

I understand your friend's idea that if people who have more bitcoins sell bitcoins, the bitcoin market will go down a lot. If your friend's idea here is the opposite, the bitcoin market will be sky-high if those who own more bitcoins don't sell bitcoins. But the bottom line is that those who have more bitcoins can dump the market a bit if they want, but not much market dumping. OP I want to tell you if your friend is not interested in investing in bitcoin then never make him interested in investing in bitcoin. Especially if the bitcoin market dumps for some reason after your friend invests then you will be blamed for the rest of your life.

That will be the answer when people say who Bitcoin was created for. Your post is a little confusing because I can't understand what does a person who has a lot of bitcoins mean by a small number of bitcoins? When people are not interested in investing in Bitcoin even though they have learned about it the question arises, why does this happen? Isn't Bitcoin one of the best things that can maintain the value of the investments we make and Bitcoin can also provide financial freedom if invested correctly.

Now let's look at it as an individual step and whether you think bitcoin can have an impact on people who invest. Once we get this answer, there will be an answer for each of us individually because in fact there is no advantage whatsoever in refusing to accept investment in Bitcoin. Changing people's views on financial matters might be terrible but there's no harm in giving them some insight.

I wouldn't say the supply is concentrated in bitcoin case with a particular group as for Saylor he holds on a institution basis and they won't sell all the coins at once but still it's your friend personal opinion.For some profit making is concern but priority is decentralized control over your funds without any government or third party intervention if you understand Bitcoin at the core level.It was not designed to give you huge profits margins but as a alternative to the traditional fiat payments with full control but with network security as well.The supply is limited and we can't say it should be with all so it is dependent on you how you see it and not listen to others.

Since he is rich he has the luxury to ignore bitcoin completely. Unless he does something very dumb, he will never ever be poor again so why make life more complicated than it is? He can buy anything he wants since he is rich already. He may get even richer if he invests in btc but maybe he thinks he has enough wealth or maybe he sees bitcoin as a ponzi scheme which is still a common belief among many people. Either way we can’t force people to become believers of bitcoin. There will be some people that will ignore it completely and there will be haters also. Bitcoin/crypto is not the only game in town and he probably knows it well. There are other ways to grow wealth too.

Sounds like he doesn't really know much about Bitcoin. Any financial asset that acts like an investment is going to have a small number of people holding a lot of it, because a small number of people hold a lot of the wealth of the world.

And, so you are implying your friend is rich? Usually rich people are smart enough to want increase their wealth, and Bitcoin is pretty much the best way in the world to do that these days, so I'd say your friend really doesn't understand the finances whether he is rich or not.

Basically we cannot force someone to invest in Bitcoin because each individual definitely has their own choice, even though we know that this person actually has a lot of funds that can be invested in large amounts at any time, but this does not rule out the possibility that some of them will also will invest in Bitcoin but maybe they prefer to keep it a secret so that it is not revealed to the public, so we cannot conclude that all rich people are not interested in investing in Bitcoin because sometimes they keep it secret so that people think that they are not involved at all with Bitcoin.

Your rich friend will never be able to invest in anything, if that is his reason.... because every commodity or stock or share ....have some Fiat Whale that are over invested in it.

Take something simple like "Grain" or "Property" .....does your friend think that there are not major investors that are manipulating those markets? I knew of a mega grain farmer, that held out on supplying the market with his grain... until the price (demand) increased ...and then he made his grain available to the market.  ::)

If your friend learns about Bitcoin and doesn't like to invest, maybe he has a lot of wealth. If so, then your friend's level might be a rich person, which is why he doesn't care much about Bitcoin. If he owns a huge wealth, he will not be so interested in Bitcoin. But if your friend sees the future of Bitcoin, he will surely understand how high the price of Bitcoin is likely to go.

well, they have many businesses and if they have been very successful with the businesses and investments they have, then it is natural that they are not interested in bitcoin. Additionally, not everyone is necessarily interested in bitcoin. Bitcoin is just one of the great investments available today. People who do not choose bitcoin in their investments means they have no interest in such investments. I also know many rich people who are not interested in digital investment. he only chooses real estate or gold as his investment. Well, that's a natural thing for everyone's interest. we cannot force everyone to accept and choose bitcoin, even when it is very profitable.

That is silly. Why would somebody want to go down? Have you ever seen a person sitting on millions of dollars wanting to throw it all away? (Well, celebrities maybe, but we are talking about investors here).

It makes no sense to not buy bitcoin just because a bunch of rich people already own it. It's just going to go up even more.

That's his decision even after hearing all that stuff that you've talked about bitcoin, your friend is already rich so I don't see how that friend will benefit from investing in bitcoin besides becoming more richer because of the potential profits if he invested in bitcoin. Or probably that friend's already busy with his businesses so he doesn't have a time to allocate for bitcoin and learning more about it. Your friend's concern is genuine too, a lot of whales and institutional investors are competing to accumulate more and more bitcoin and the casual or retail investors don't really have that much they can do about it, you're friend is probably trying to play safe and wants to not be caught in the catastrophe that he thinks will happen.

Even the rich needs to engage themselves in investing in good assets so as to keep bring rich and even grow their wealth bigger, if you friend feels like he can not invest in bitcoin because he feels its only a small number of persons that hold bitcoin which I personal do not agree to by the way, but then, that is his loss.

With the way bitcoin have grown, It has proven that even the rich need to invest in bitcoin, there is still alot of room for bitcoin grow in price, people are selling bitcoin everyday, and so it alot of people also buying it every day as well, if any big holder decides to sell all his or her bitcoin bag, buyers will buy them all even though it's not all at once, and even if such a sell affected the market negatively, it will only be but for a moment, in the next couple of days, bitcoin will be back to the price it was before the huge sell began, and may even grow much more.

I personally have become really convinced in buying and holding bitcoin, whoever feels they cant buy bitcoin for whatever reasons, it's their one loss.

There is no point in forcing your friend to be interested in buying Bitcoin because it is not a failure for you if he is not interested in buying because it could be that he does not find anything interesting or something that can benefit him because as the title you mentioned is that your friend is a rich person, because if you read many threads on this forum, you will find more average economic people who are interested in buying in the hope of making their money increase sharply, or it could be that your friend just doesn't want to express his interest in Bitcoin and actually already has that, just a secret because he doesn't wants others to know that he owns Bitcoin.

OP seems to not be forcing his friend to buy Bitcoin. From my point of view, he just explained that for some reason rich people don't consider buying/investing in Bitcoin even after learning about it. Because they don't see any future in it and Bitcoin can easily go down if people with a large number of holdings suddenly sell their Bitcoins. For the said reason, the question we could ask is, do they really learn about it? If so, why don't they see the future of this technology?

Probably fattening the goose much more, I think that is the only logical reason why they still have not sold their bitcoins yet, they have seen it go up to 69k USD last time so they still think that there is a possibility that bitcoin is still going to go up so they still have not dumped their bitcoins yet. It's a good thing that they are just accumulating yet because that means that they are not ready to cash out yet, these whales are probably accumulating more bitcoin and are planning to sell it like they are cashing their retirement cheques.

Totally agree, and it seems that OP respects his friend's decision and the reason for not investing is pretty valid in my opinion, I mean it's scary to be a victim of a rugpull and OP's friend probably has a previous experience on this kind of stuff and it was a bad experience so that friend has learned the lesson and not invest in any kind of stuff like that again. The friend's reason that there is only the whales that are accumulating and gathering a lot of bitcoin is just an added reason why that friend doesn't want to invest in bitcoin.

I will still buy Bitcoin even if two people have more Bitcoin in their wallets, because I will not really care about the amount of Bitcoin that other people have because I also have to have my own assets when I like Bitcoin like other people who also believe in Bitcoin. And people who have studied Bitcoin, but are still hesitant to buy it because there are two people who have more Bitcoin are people who still feel hesitant to make a wiser attitude for themselves.

Everybody is entitled to his own opinion, personally I simply disagree with your friend: even if someone like CZ or Saylor would sell his bitcoins, first of all they would do it OTC because otherwise they would dump the price, so they would get less money, but let's say they make an announcement about their sale because they want to dump the market, what difference can they make? They can dump the price for a little while but people will continue to buy anyway so the price will recover. Bitcoin lost relatively little value after FTX's bankrupt, and we're talking about a whole exchange, not a single person like CZ or Saylor. Your friend probably didn't learn enough about bitcoin.

Someone who does not have enough knowledge about Bitcoin or who has not yet learned anything about Bitcoin will not want to invest in Bitcoin.Many people have already changed their lives by investing in bitcoins like mine did.
I bought $700 to $800 worth of bitcoin when the price of bitcoin was $25,000.I did the most important thing of my life with all the profits I got from this investment.I'm still buying bitcoins to invest for the long term.I have another dream that I want to fulfill with the money to invest in Bitcoin.I think there is no fear or era in investing in Bitcoin because even if the price of Bitcoin falls, it recovers quickly.Compared to other coins, Bitcoin is the most interesting and safe investment for me.

He might be correct that the population of people using Bitcoin is still very small compared to the world's population but his tone is that od downplaying Bitcoin and that he is wrong. Bitcoin is relatively new so it will be wrong for people to expect that the whole world would have been using Bitcoin already. Bitcoin is even growing faster than projected.

Actually, a lot of rich people might not go with Bitcoin at least until they see how well it can help their business and not just because they want to make money off it. In other words, they will become interested in Bitcoin when they start seeing how it can help their businesses because those guys are rich through businesses and organizations they already established. The rish people that will be so much interested in Bitcoin are those who have been able to see Bitcoin as a means of making more money.

I disagree with your line of thinking. I think rich people may need Bitcoin the most, as it is an incredible store of value and when shit hits the fan rich people could end up with nothing like everyone else. Bitcoin is most valuable as an insurance policy, so it is arguably more important for rich people who want to maintain their living conditions than for “poor” people who may have more immediate concerns than investing for future wealth.

It's okay if your friends are not interested in buying Bitcoin. Precisely because they are not interested, you have to buy Bitcoin so that when you can make a profit from Bitcoin, you can show it to them. They do have more reasons not to buy Bitcoin. We also don't need to be curious about the reasons.

Just leave those who are still not interested in buying Bitcoin even though they have studied Bitcoin. They will only remain spectators while you can definitely change your life for the better. They will come to you to ask to be taught how to buy Bitcoin.

We have all probably experienced things like that where people around us are still not interested in Bitcoin. That's okay. They don't need to buy Bitcoin because whether they own Bitcoin or not is a choice. And they have shown their choice.

Am sure he's yet to learn indeed, if he learnt about bitcoin he would have understand the reason why he should go for it, but instead, he knows nothing and refused to learn anything about bitcoin.


Someone who knows about bitcoin and what he's also doing will not day this, don't be misled by what others says or feels about bitcoin, make your own research.


The only difference between you and these people is nothing than the rate you both have in bitcoin, don't believe wether this people have bitcoin or not, neither do they manipulates the market, face your own and become more great and better than them one day.

All I can do is laugh, this must be among the dumbest reasons for not investing in bitcoin anyway is good I guess you will be planning to or have already invested in bitcoin, let your friend see reason to regret  his/her dumb claim. Here is a picture I got online that will fit your friend's reaction laer:
https://www.talkimg.com/images/2023/11/16/FCNyJ.jpeg

In short your friend not interested in Bitcoin even though he is a rich man but still you can't convince him buy Bitcoins and we don't know what are the true reason. Maybe he scared because we are all know that Bitcoin's price is volatile and no one can predict when is the right  time and the price will rise up. Or maybe your friend is  didn't trust Bitcoin even though he have already knowledge about it.
But in reality there are some rich man still invested in Bitcoin cause they will know thier money will make a good profit.

Volatility may be the main reason or probably he already has a business. It could be the reason because most businessman pursues their investment if they evaluate a certain business with a guaranteed return. They only make an investment with less risk than investing in Bitcoin.

Well we can conclude that not everyone will be interested in Bitcoin no matter how much we try to explain it to them. Also, people will always have different opinion regarding Bitcoin. If he's rich enough, then there's no need for him to explore crypto especially if he's not interested since he's already earning a lot of money on the field he's on. And Bitcoin isn't something you can just understand within a short period of time without learning and exploring it. It's an investment. Maybe he doesn't want to exert much effort or maybe he has no time to learn about Bitcoin. So if I know someone who's not interested in Bitcoin even after explaining it to him, then I'll let him be. It's hard to persuade someone who's shows no interest in the first place.

Perhaps the difference in risk profiles is why he doesn't want to dive into the volatile market. He already has significant wealth (according to him) and doesn't want to risk too much of what he's achieved. Personally, I won't be influenced by his decision to not be interested in Bitcoin. There's no need to convince him about Bitcoin either, as he has already studied it. Unless he asks something, your answers might be something for him to consider.

That's their belief, and don't use their belief as a tool to gain attention from newcomers. Bitcoin hasn't promised any profits, but it does provide evidence that profits exist. Instead of attracting attention with promises of gains, it's better to see them regretting not taking advantage of the Bitcoin market. In doing so, newcomers will understand who is wrong and who is right.

He has tea garden and real estate business owner of an industry

I don't think your friend have the knowledge of BTC because, there is no way you will know BTC and you will not show interest to know how it work to help people to make a good profits. Before he started his real estate business, I believe he tested it with small money that made him to were he is today, to have other investments that is bringing him profits that is making him to feel big man life in the environment, which BTC investment will even make him feel more comfortable through out his old age.

He is not the richest man in his State, I believe he can invest in BTC when the price is low to test the investment, if it can make him the richest man in his State or country because, there are many crypto investors that turned to wealthy men and women in their society through the help of crypto investment.

With such a high level of risk, I think it is only natural that some people are not interested, because maybe they are not ready to face the high risk, even though everyone is aware that the possibility of profit is also quite large, especially rich people who already have a business that is still in business. take advantage.
I think that's normal and not everyone has the same thoughts as us.

I also know who I think is one of the richest people in my country. He has a business that covers many sectors and is quite successful thanks to an inheritance from his parents, but he has firmly said that he is not willing to invest in Bitcoin even though he has studied it for a long time. a long time with evidence of success that has been seen from other people, but it all comes back to oneself and one's own goals.
For us here, perhaps no one doubts the benefits that will be obtained in the future by investing in Bitcoin, but that does not apply to everyone out there.

Everyone likes money and high profits, but not everyone accepts risks and likes strong fluctuations like roller coasters. Furthermore, if they have achieved their goals, if they have the life they expect, there is no reason for them to continue taking risks to put more pressure on them. Not everyone has endless greed, many people set a goal and achieve it, they will be satisfied with it instead of continuing to be greedy.

I also have a few friends who know I'm well off thanks to bitcoin but they've never been interested in it because they don't like its volatility. Furthermore, if in the near future investing in bitcoin brings me significant profits, enough for me to do other businesses, I will gradually limit my investment in bitcoin as much as I do now.

Everyone's thinking is different, people with money need security before thinking about making money, unlike many people with little capital who want to become rich quickly despite the risks.

i see that the rich people are the ones who often find more ways to become richer since they’ve already grown accustomed to a certain lifestyle it’s now important to go beyond that

maybe they’re just not interested because they do not understand the fundamentals of bitcoin or how it works and what purposes does it serve it’s not only a form of investment but also a form of peer-to-peer transaction they’re rich enough to not put in the effort of learning about bitcoin

Bitcoin has been in existence close to 15years now, and we haven't experienced this easy downfall your buddy talks of.. besides when it comes to managing decentralized assets, the strength comes from the numbers which helps neutralize the power/command that a small group of users might have!!

So if our buddy wants to help in diluting this power that is with the small group of users, then getting in on bitcoin now will make a big difference.

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@SAHASAN nice user name btw  ::)

Even the richest person in the world, Elon, who owns hundreds of billions of dollars, also invested in bitcoin because he realized the potential of bitcoin and it could bring him more wealth. So if someone says they are rich enough and don't need more money, it's really rare and I haven't seen anyone like that.

People who give reasons for not investing in bitcoin may be because they lack understanding about bitcoin, do not trust bitcoin enough, and think it is gambling or a scam. But if they have enough knowledge about it, I believe they will regret not investing early like many people have made that mistake.

You friend is not the only person who has such mindset as there are still lot of people who are not interested into Bitcoin, especially those who have already earned enough so they cannot simply risk their investment as per them Bitcoin was supposed to be peer to peer transfer medium without any fear of being taxed or account being freezed and they are not okay with Bitcoin being used as a investment medium. But Bitcoin is both a P2P as well as investment and there is no point in forcing those who are not interested as it will only make them more irate and one they realise that they cannot skip Bitcoin when it become too mainstream they will eventually get in.

Yes it may be that we are not able to explain science to rich people. They have enough money so they can't do it the way we think of Bitcoin and they don't feel the need to think that way. This is because when we try to convince them about Bitcoin, his focus is not on us, he is more concerned with other mediums. That's why they don't want to understand these things but if you can explain them properly then they will be attracted to Bitcoin too.

I am still trying to understand to understand your write-up since it looks like a phrase to me. You said your friend choose not to invest in Bitcoin because Bitcoin is small or what? I do not understand what you have written do far and I hope you can elaborate because your sentences do not really make sense to me. You need to ponder on what you have written so we can understand you quite better.  

There are many people that are eager to invest in Bitcoin because they have been seeing results of other investors who had invested in it with profits. The door is opened to everyone to buy and hold Bitcoin for as long as they are ready to hold before selling.

It’s not the knowledge but the interest itself. We’re not required as well to encourage them; we let things happen. Some rich people are not interested with this technology because of their own reasons. Some would be avoiding risks due to high market price volatility. Some would be concerned of this blockchain’s security. And some would be worried of its adoption across countries. They perceive other assets as more profitable which is not a bad thing as for them. We just have our own choices and mindset of where would we engage our money to chase after profit. It is however bad to just put all of your money into a single bucket. I myself have real estate investments ‘coz why not? Sometimes it is not just they don’t know anything from Bitcoin but just their choice of not getting involved to it, which is every investor’s freedom.

It is a poor argument that tends to have some persons, but if it bothers them, so, buy 1000 satoshi, the mistrust or fear of risk in having bitcoin can be resolved by just investing what you can afford to lose, the other novelty is that if you do not trust bitcoin it is better not to buy, since that is its main value, more than the price itself.

Unfortunately they don't try to understand what is meant by risk management behavior and I am sure that the motivation for rich people not to get involved in bitcoin is not influenced by risk, but rather the difficulty for them to understand the level of price fluctuations because basically they don't study bitcoin properly. The risk involved is even greater when they undertake business or other activities related to money. The question is why are they not afraid and do it anyway?

The answer may be simple because they master what they do and the key is that they understand it first before getting involved in it. If rich people are a generation behind technological advances, there may be many reasons for them not to be involved in bitcoin, but it seems strange for rich people in the era of digitalization not to be interested in bitcoin.

Bitcoin is only for a small number of people but it didn't become so popular Bitcoin only became such a popular currency when people around the world adopted Bitcoin. Your friend has some misconceptions about Bitcoin. Maybe some people have a lot of bitcoins and if they sell all their bitcoins in a moment maybe the market will dump a bit temporarily but the market will not be permanently dumped. One will sell and one will buy like this but the market will move forward. If this fear keeps us from investing in Bitcoin then we have a low understanding of Bitcoin. Earlier also we saw that Space X sold a lot of bitcoins due to which the market went negative for a while but within a few days the market came back to a good state.  .

The decision of your friend is depend on him because no one can force others to buy bitcoin. May be he has no need to expand his money. Actually bitcoin investment is suitable option for those who have courage to work hard and wait so those individuals who don't express any interest hardly will buy bitcoin and if they buy then they will not be able to take profit from it as interest is the main thing.

 financial system is understand by a person himself and no matter what we are saying they will always prefer their interest so don't try to know that why people are not buying bitcoin because we can only talk but reality is hidden so leave everyone on his own position.

I understand your friend is worried about Bitcoin but it is important to think about a few things before rejecting Bitcoin. Some people have a lot of Bitcoins but that do not think they can control the market easily. Because Bitcoin is decentralized so it is hard for one person to control its value.

Many companies now accepts Bitcoin as payment. This shows that people trust it more and more.Governments are also starting to recognize and regulate Bitcoin and we have an example El Salvador.
And if he us thinking about the value of the Bitcoin so if it will go down so definitely it will recover itself and will come up with great potential and cross it's ATH again and again.

I will recommend if he want to invest in Bitcoin so don't think about it just dive into it and believe on it. If you will believe it so it will give you benefit. Just buy and believe.

His concern is valid that the whales with loads of Bitcoin can indeed cause the market to go down if they sell off huge amounts. But here's the thing, the crypto market's kinda resilient and used to those kind of thing. Sure, the market might crash, but it tends to bounce back over time. Look at the charts and see how many crashes it has recovered from! There are whales that invests in stock markets, but does that stop your friend from investing there? Your friend might want to dig deeper into how the crypto market works, like its history of ups and downs. It's about playing the long game and not getting spooked by short-term volatility. As long as he is never investing more than he can afford to lose, he should be fine.

What OP wants to say here is that his friend knows about bitcoin but he doesn't show interest in bitcoin due to some reasons like many risks, manipulation... and if add the title then, it can be understood that OP's friend is a fairly wealthy person. In short, many rich people show no interest in bitcoin, which is what I understand.

Many people want to invest in bitcoin but not all. Not everyone after learning about bitcoin likes it and will invest in it. This is completely normal and they all have their reasons. I also have a few friends who know about bitcoin but they never seem to be interested in it because they also have their own stable jobs.

Like my wife, I explained it to her, like how the market works and everything. Yet she still don’t want to invest in here. She tried to invest, but in the wrong coin. We ain’t rich, but the way she think is like rich. She carefully manage our money.

It's not the faults of this people for owning a large sum of Bitcoin, it's their reward for believing in Bitcoin when others didn't and refused to invite just as your friend is doing now. Also I think some of them creating a service that helped in the popularity of Bitcoin like Cz launching an Exchange (that no matter how we don't like him, he has helped in the popularity of the currency).

As we have more people like your friend (which we do) keep saying they don't want to invest then they're giving more opportunity to this whales that he's afraid of them owing more Bitcoin to keep on accumulating more Bitcoin because they believe in the currency and will be buying more whether people like your friend buys or not. If we understand the power and benefits that Bitcoin holds, we won't be bothered about what others own but more concerned about the quantity we can own ourselves.

Those guys won't want to sell their Bitcoin because they still understanding the potential that Bitcoin holds and them having a large quantities of Bitcoin puts them at the top of the food chain so instead of selling they'll be looking to add more to their bag. Also if the whales are selling they won't likely be doing that on exchanges but Over-the-counter (OTC) and it won't have any impact on the market. Also as the Bitcoin gets more adoption we'll have more liquidity to cover up any amount they want to sell and it won't have any or little impact to the market.

OP, in as much as I place much value to individual opinion towards bitcoin, I will not buy to such excuse by your friend, yes, the major bitcoin hodlers and investors can decide to withdraw their investment if they want, this action may awaken unstable position in the crypto industry as whole no doubt but what am not sure is, collapsing if the system, come to think of it, why is that people restrict themselves from this investment by initiating negative mindset, I can say it anywhere, Bitcoin has come to stay, giving this investment a benefit of doubt won't be a bad idea, I know that your friend was outlining future possibility, this stuff can discouraged people that want to come into the industry, I think we should do what we can, though no financial advice.

I guess this your friend that is rich is a business man, so if he thinks that bitcoin is profitable and majority of it in the hands of a few individuals, as a business man, why don't he join these whales and control the bitcoin market. I'm guessing that he doesn't see bitcoin, as the kind of business that he'll want to be involved in, instead of giving the excuss of a few investors holding large numbers of the coin.

Despite this whales holding majority of bitcoin, other rich people and the ordinary man on the street are still benefiting from their investments, if it were not to be so, left in the hands of whales alone bitcoin adoption would have diminished significantly, perhaps leading to it's death. But this is not the case today.

This is to be expected in any big establishments, major share holders call the shorts, and if it's not favourable to any investor, all they need do is sale off their assets. So if these big investors control the bitcoin market unfavorably, then there's nothing stopping  others from selling all their bitcoin.

Rich persons who are conservative when it comes to their wealth and not risk-takers are just being careful and we cannot blame them because they have their own experiences and stories concerning their money. Let's just focus on those companies that are not affected by these decisions rather they still update their companies or platforms by adopting and putting bitcoins as options for payments and other transactions. They know what they might lose in this new financial innovation but they took the risk as a real businessman and supported bitcoins as far as they could.

While early adopters of Bitcoin should be commended for their vision and daring, there's more. Isn't the goal of the Bitcoin ecosystem to foster collective growth rather than just individual victories? The problem is that Bitcoin deviates more and more from its decentralized ideal as ownership grows more concentrated. The goal here is to preserve the equilibrium that distinguishes Bitcoin, not to incite jealousy.

But keep in mind that even though whales impact on the market may be indirect, it is nonetheless substantial. Although they may not cause a sudden tremor in the market, over-the-counter transactions gradually mold it. What about the liquidity that absorbs any sell-off? While optimistic, that cannot be assured.

Rather than just accumulating more Bitcoin, the goal should be to increase its appeal and accessibility. The true power of Bitcoin is found in its broad use and acceptance rather than in the size of a small number of large wallets.

In the world of cryptocurrencies, your friend's worry over the concentration of Bitcoin ownership among a select few people is not unique. The terms "wealth centralization" and "whale dominance" are frequently used to describe this ownership concentration.
It's critical that your buddy bases their investing selections on their personal risk tolerance financial objectives and market knowledge. Though legitimate worries around wealth concentration are only one facet of the larger bitcoin scene

Your friend, in his opinion, wants to protect his money. It is important that this thought is his own rather than whether it is right or wrong. The money is his and the decisions are his. There is no rule that says everyone should invest. Choices determine our lives and we make choices in line with our goals. If your friend has reached the level he wants to reach, the rest may seem simple or not worth trying.

Since the concept of wealth can vary from person to person, knowing your friend's wealth level may allow us to make an easier interpretation. As I said, everyone's decision is their own matter and there is no rule that says everyone should buy Bitcoin. If you invest at the right time, you can become richer than your friend.

It's normal for a person not to be interested after they learned from it because it's not in their taste. But the way he respond has nothing difference with the most people who refused Bitcoin. We have nothing to do with them but to make them realize that Bitcoin is not the same as they think. Most of my friends are interested in Bitcoin but the only problem is that they don't have enough money to invest. I see their interest and I look forward for it. If ever they have an extra money I'm sure they will going to invest Bitcoin. Their mindset is somehow different from people who really stable in life.

Most likely, these few mentioned people are those who have seen the high potentials of bitcoin more than the majority, that’s why they make sure to grab theirselves maximum amount of bitcoin that they will surely benefit the most in the future. But we all know everyone is free to accumulate bitcoin, it’s just that the capacity of an individual to invest also depends on his financial condition.

However, everyone is entitled to have its own views and concepts about bitcoin. And if his own concept is negative,  then that’s mainly the reason why he’s not into bitcoin and is not planning either. But let’s see if he won’t change his mind in the future when everyone else is talking about bitcoin.

Let them miss out on the technology they think negatively. That's the correct mindset, instead of wasting your time, just show them the result of your investment. The day will come when they will regret their choice of not paying attention to this technology.

because basically financial issues are very sensitive to talk about, so we don't need to bother digging deeper into other people's financial problems,
If they don't own Bitcoin, it's possible they are already too rich and don't want the headache of seeing Bitcoin price movements fall very quickly and take months to reach a new ATH.

Your topic just crossed my eyes now and I believe it's worth replying as perhaps it might change the mind of your friend. If it couldn't, then all the best to your friend. But one certain thing is that he will be the one to lose as Bitcoin will shame all doubters over time as it always does.

Specifically, your friend has a misconception about the fact that a few people are controlling Bitcoin. Bitcoin whales are many and most of them don't know themselves, while many are not even recognised people in society talkless of naming and linking them. So how would your selected few control it? By the way, 219 million people (https://www.techopedia.com/cryptocurrency/how-many-people-use-bitcoin) have Bitcoin according to statistics and it is a well-liquid market with presently over $700 billion which keeps growing. There are many precious metals and stones that have not reached that status despite being known and traded for centuries.

In the next 1.3 years, I'm sure your friend will regret not buying it, and mind you, risk-taking makes more riches. Bitcoin is a reasonable risk for that matter, he should think twice.

Well, we all have different opinions on Bitcoin which is actually normal. Even if you say that there are only a few people holding Bitcoin, the market still depends on its volatility Bitcoin's potential for the long term for sure would increase its value but its current value would be volatile. If your friend is already rich and doesn't want to invest in Bitcoin, I think it's more like his preference, because he might get rich in another way cause if he'd make money in Bitcoin, he wouldn't doubt it. Some rich people find alternative investments other than their source of money like from their business than putting them into a bank. I also think that your friend might not be knowledgeable enough in the crypto industry but has other ways of making money where he's much more skilled and smart.

it is totally his choice to make the decision to invest or not to invest in Bitcoin based on whatever reason that he choose to hold on to. And let me reiterate this here, Bitcoin isn't the only profitable thing one can invest his money into, there are lots of other ways one can make investment depending on what the person feels comfortable with. I know a relative that has a lot of money but wouldn't want to make any investment that is outside of business. He feels that since he can see the physical business and monitor it growth, he his satisfied with that. Others might not think in that direction but you just have to allow them be and stick with what works best for you.

Hehehehe... It's really soothing, reading that from your masterpiece. You know how our discussions (in divergent views, of course) on CZ always went 😏. Sincerely, what you said there is the undiluted truth. The services these people have created around Bitcoin helped to further deepen its publicity. Whether we like it or not, CZ remains a force to reckon with in cryptos. We can say his exchange and other crypto creation of his are centralized and shouldn't be trusted but this is Binance's 6th year in this industry and still waxing strong. CZ looks like one who's capable of breaking more grounds in years to come. He isn't done yet.

First of all, there is no need to force any one to join Bitcoin investment or trading. If your friend isn't interested, it is okay. It means your friend is still not sure about Bitcoin and he doesn't understand the advantages of Bitcoin. He may already learn it, but he misses the part of the potential of Bitcoin in the future. Anyway, even if it is true that there are few people only who have a huge number of Bitcoin, it is never proven that it can destroy the market. We already experienced it for many years, and it doesn't influence much to the market activity. It is just his own assumption because he still doesn't understand enough about Bitcoin.

And if they do have that kind of point of view then let it be, if you do try to make some explaination then it might really be ending up on some long discussion or even a debate on which it is really that pointless if you are really that trying out to win against on someone who are not a believer or something that do really accepts any new ideas. For some then they might really be able to welcome some good opportunity or new ideas on which it might result into some good introduction of Bitcoin into other people but since we are talking into those rich person who had able to acquire their richness via with those traditional investments or things then they are the ones who might not really be that easily believe into something which is speculative and highly volatile on which i couldnt really blame them.

It would really be just that too impossible  that they wouldnt really be able to think up things and could be able to balance out on whats risky and whats less risky. This is why they would really be
deciding on what are the things that they would really be gonna deal off with and what are the things that they must avoid.If on the time that you do make out some explaination or introduction with
these kind of people and rejects out on the things you've been trying to explain then it wont really be that a bad idea on turning back directly and dont force them to believe
on something that they arent interested.

I agree with you who don't like investing in Bitcoin because they don't know how to make a profit from the investment they make with Bitcoin and they also won't be able to learn about Bitcoin because they don't like it or they already know an easier way to make money easily.

As bitcoin is technology associated people have got different view on bitcoin. They never find this to be interesting, and think of it as a complicated one. Unlike the stock market it can't be predicted which is a big difference and the volatility used to be very high compared to the stock market. Most of the people who doesn't show interest upon bitcoin is not because of the risk, complication, and other regulatory issues. Already they've found a way to earn better, what for most of the people get into bitcoin. Not for the technology that stands unique, but to make money.

Please tell me you didn't expect everyone to buy the idea. If not, you need to be aware that there are people who will never want to get into Bitcoin no matter what it offers. Also, it seems you pitched it to your friend as an investment. If so, how about you discourse with him on how Bitcoin is more than an investment; how you can actually use it to make payments, send money, etc? He probably looked away because he has so much money whereas, there are other ways he could benefit from Bitcoin.

In this case, you should not force your friend to invest in BTC, and you must respect his decision, and don't let your relationship with your friend be damaged. but I also don't know how rich your friend is, but surely your friend has reasons that make your friend ultimately not want to invest in BTC, but I also don't know whether your friend is learning about BTC optimally or not.

Investing in BTC is very risky, so not everyone wants to get involved with BTC, but for some people, many people see positive things about BTC, which is why many invest in BTC.

But in my opinion, BTC is only for people who are ready for the risks BTC poses. and I also invested in BTC because I wanted not to be left behind and I always have a positive view of BTC, and have also benefited from investing in BTC.

In our country many person don't aware with Bitcoin. Because crypto currency is legal in our country. That's the reason people don't show interest in it without knowing about it. Those who work in crypto they come here with their dedication and knowledge. But those who are rich they don't know and because of it's illegality no one take risk to help ant teach someone. That's the reason in our country rich men are not interested.

Then he would not be even interesting in trading, because he would think that only the bitcoin is holding by these people they can sell it at any time, then same in the case with other coins if Solana is hold by some of its team members or its owners then would you think that we are not going to trade because because may be its owner sell all the Solana and we may be in loss?
This is just the thinking of an individual, anyway we can't stop investing in the bitcoin just by not having proper knowledge about the trading and not having a way open up for trading in any coin.

I can understand your friend and his reservation towards Bitcoin. Back in the days you could aquire a large amount of bitcoins very cheaply and quickly. These so called whales have a huge power over the bitcoin market and influence price considerably. However, this is not really something new, in the stock market there are huge investment managers and hedge funds than hold large parts of companies and can influence the prices heavily too. If someone like Warren Buffet decides to buy or a sell a company this is going to send the price flying. In my opinion this is not necessarily a bad thing, just because a few rich people own large parts of bitcoin doesn't mean that they want to push the price down. Long term the whales are interested in high prices as they can sell some of their coins and make huge profits. A low bitcoin price doesn't help the whales and price manipulation are not going to last forever.

Similar to stocks, Bitcoin's 'whales' have considerable power. However, their desire to maintain or increase Bitcoin's value is clear. Why? Simple: self-interest. Whales, like smart investors in any market, maximize rewards. They profit from high Bitcoin prices for sell-offs.

Think about it: Decentralization and blockchain technology make Bitcoin transactions transparent. Bitcoin transactions are public, unlike traditional markets where significant players' moves are hidden. Price manipulation exists, but only temporarily. Bitcoin has grown over time, often recovering from market manipulations.

Supporting Bitcoin means recognizing a transformational financial ecosystem that evolves and matures like any other market. Whale presence? The game frequently favors long-term strategy over short-term gains.

Although that is one of the common reasons people give, I don't think it's the only reason people don't get involved in bitcoin, especially because countries don't legalize it. I am one of the people who lives in a country that legalizes bitcoin or crypto as an investment asset and our country is quite strict regarding transaction tools using bitcoin and even the sanction we will receive is prison if we carry out transactions using bitcoin. But for me personally, I see bitcoin as a solution amidst the current economic chaos, so buying bitcoin is one way to maintain the value of the currency we have.

Limited knowledge prevents some people from getting involved in bitcoin and they don't know the power of bitcoin in investing. As I see, our country has quite a big growth in bitcoin in particular and there are many people who are currently quite interested in taking the opportunity to learn to invest in bitcoin.

He may see the point, but judging by OP’s post, he fears that the bitcoin will depreciate, because a large number of bitcoin are owned by a narrow circle of people. Here it seems more like his friend's fear for the future of his wealth if it were invested in the bitcoin.

Bitcoin is not a tool that makes you happy. :) Even for rich people, this can be useful just for preserving wealth. Because with wealth there are 2 biggest problems: how to accumulate wealth and how to save it. If poor people use bitcoin to solve the 1st problem, then rich people can use it to solve the 2nd problem.


If he is not interested, then leave your friend alone. His finances are his problem.

Everyone has different desires in investing and there are some people who don't like investing in Bitcoin and this will not have the slightest effect on people who already like Bitcoin and they can understand well about Bitcoin and how they can profit from investing and trading on Bitcoin so they really like it and those who don't like it maybe they don't understand Bitcoin well and also maybe they have found a way to make money in another way which they think is easier.

Let him be and don't force him or try to convince him that Bitcoin is good and it isn't or can't be controlled by a single person or entity unless they acquire a very large percentage of the total supply which is not the case and I don't think it will happen because that will require a lot of money for a single entity to acquire that many Bitcoins. So, if someone thinks that Bitcoin is controlled by the people who hold a large amount of it, they lack basic knowledge about it.

I don't say that the market is free of manipulations, a financial market will surely have some manipulations, but just because some rich or influential people hold a large amount of the total supply of a certain asset, which isn't large enough to be used for manipulation, it doesn't make that asset bad or untrustworthy.

If there are people who dislike to invest in Bitcoin, I believe they don't know well about Bitcoin. They only heard Bitcoin is high risk investment with a big volatility. They probably know that Bitcoin is illegal thing in many countries in the world. If those people know Bitcoin is very potential for future asset which probably increases multiple times and it has a clear cycle every 4 years, they should be interested to invest in Bitcoin. It is quite unfortunate that there are many people who know Bitcoin from the negative side only, even worse they know it from bad sources.

rich people will not be interested in Bitcoin, because they are already rich and prefer to invest their money safely, so of course not many rich people are interested to investing in Bitcoin, but people who want to be rich, will definitely invest in Bitcoin, because investing in Bitcoin has the opportunity to become rich, therefore there are still many people who want to be rich will definitely take the risk of investing in Bitcoin, because only Bitcoin can make us rich even though the risk is also very high.

Agreed, people who are already rich doesn't want more money to enjoy life. For people who are in the middle class struggle hard to enjoy the next level of life. Even in the cryptocurrency industry it is possible to see quite few numbers of rich people, whereas the majority belongs to the middle class who keep on learning and innovating things to make themselves better in life. When one doesn't want money, they'll never think of it. This is why most of the rich continue their traditional investment and doesn't focus on cryptocurrency.

Yes, we  could say that most of them are more interested in investing in real goods or in shares of companies that are already big. They usually prefer things that carry low risk compared to high risk. Their calculations are quite large for this.

However, that doesn't mean all rich people think that way. because many people have started to open their eyes and minds about cryptocurrency. Even though it may not be that big, even if they have started investing in Bitcoin for some reason, at least this can open their horizons.

BTW, when we talk about this there are probably many people who don't like Bitcoin. Remember, a hater will still hate Bitcoin for whatever reason.

As far as I am concerned, during the time of the fathers, a rich person does not have the spirit of hard work and struggle. He is relaxed and easygoing. But compared to this, a person from an middle class or poor family has a lot of passion to work, struggle and move forward. His life has a mission and purpose. He wants to do something in the world.
Bitcoin had great attraction for middle class and  poor person including students and old age person. Bitcoin is the coin and it is the name of hard work, struggle ,study and concentration. So a serious person who knows its worth and potential will join it.

        -  If there are other rich people who don't like Bitcoin, that's fine, because in the first place, they are not a loss to us, and we are not a loss to them either. Then that's another rich man; even without Bitcoin, he can still do what they want, that's all.

It's like that in this industry: there are believers and unbelievers; we can't survive if we only have positives; there must be some negatives to balance everything. But it also does not mean that a rich person should believe the same as poor people.

The fact that a fewer amount of people are currently holding Bitcoin in large quantities doesn't concern the effect the technology and the currency is having in the world. If she decides to get in on it or not still doesn't change anything also, if her considerations are bothered on that, let me ask, how many trillion dollars are currently in circulation and how many people are holding large amounts of it?

The answer to this does not in anyway make you stay out of working to earn it or investing to make loads of it. If she sees it from this standpoint then things will be a whole lot easier.

The simple fact that bitcoin has a very high volatility is enough to scare off many people. Not everyone is the same, there are people who prefer not to invest (in general, not only bitcoin or cryptocurrencies) because they can't stand the fact the the price fluctuates so if they buy something at $10 and it goes down to $9 they tend to sell because, in their mind, the price will keep falling forever. Not everyone is supposed to invest.

You're right, buddy, trying to influence people's opinions about money is a bad idea, not to mention extremely dangerous. Rather than confusing someone about money matters, I will mind my own business because some people don't want to lose their money. Whether they are wealthy or not, I will never advise someone to invest in bitcoin. As for the friend's lack of interest in the cryptocurrency, I think it's a good idea because I don't know what he sees that makes him that way, and rich people don't even deserve to be advised to do so.

I said that the wealthy don't deserve to invest because a large number of them will not view your advice as sound, believing instead that you are trying to scam them. Wealthy individuals are extremely self-centered and always see the bright side of anything that comes from those who are not as wealthy as they are. I don't know about others, but I don't think it is appropriate to advise the wealthy.

I do not agree totally with this assertion that he is already rich that's why he doesn't want.to invest in Bitcoin.
If I may ask, is Elon musk not rich, or did he make his money from Bitcoin? The obvious answer is no! There are many rich people who are still holding Bitcoin.

So, I don't want to believe that he isn't investing because he is already rich. I think this person has personal reasons why, probably he doesn't have faith in it and don't believe in it.