Why some millionaires hate Bitcoin?

[kawetsriyanto]

I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin

I am not sure if a millionaire hates Bitcoin because they don't understand Bitcoin and just influenced by the bad rumors. In my opinion, most millionaires are educated people, they must know it. Bitcoin isn't a very new thing in digital investment, it already exists for more than 10 years. Those millionaires must have a certain reason if they are spreading FUDs or state their "hate" to Bitcoin publicly. Maybe it is about the competition of investment business across the field.

[Joshua01]

I think the rich will definitely enter the crypto market, but they will not announce it to the public. In the Bitcoin field, there will definitely be many wealthy people entering the market. Who thinks he has more money?

[famososMuertos]

I don't know why there is always the tendency to think
that we need them, it started without them. So I don't care as an individual if they keep adding or never do.

On the other hand some who were against bitcoin have changed their opinions and even bought, others of those you name (OP) have so much money and have been ever to traditional investments that they will never change their position.

[aarif123]

 this is not true that all the millionaires and billionaires hate bitcoin because as we have seen many big people are supporting bitcoin like bill gate and Jack Dorsey and it may be possible that they have missed Bitcoin at low price so they are not liking it.

[wendy sy]

They talk badly about what they dont understand. They are both old school investors who favour businesses, bricks and mortar. A millionaire im more inclined to follow is Robert Kiyosaki, his investment starategies are flexible and he is always educating himself and other on current smart money decisions.

[Mr.sprin]

rich people who own their bitcoins keep it a secret, that's natural. especially if he works in a government agency, of course they don't admit to investing in bitcoin. I'm sure there are many billionaires hiding their identities in the crypto world.

[Lorence.xD]

Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

[_MrTuyul404]

in my opinion, may be some wealthy people have invested on any stock, And They don't interested in Bitcoin And A number of countries still prohibit the use of bitcoin as a means of payment. For example, in China, in the US itself, not many companies accept bitcoin as a means of payment.

[Alanaz]

I think its not a matter of hate, it's a matter of protecting their investments and I believe these are the guys that invest in the real gold bars as a way to store or measure their wealth.

Am certain if some one explained to them how exactly bitcoin works, they would be happy to jump on the bitcoin train without a doubt.

yes they also seem to invest a lot there but other than that what they tend to claim they don't like is that some of them have their own interests like donald trump who clearly says he doesn't like btc for threatening the dollar and warren buffet who says he doesn't like it but he himself who are not familiar with technology.
so actually they also have a purpose and don't understand just bitcoin that's why they don't like bitcoin

[Golftech]

Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

Indeed, they are more engaged  with something that they are seeing in physical, more on the actual thing and  not

just by specualtions, those rich people who builds empires of businesses are not easily convinced that digital assets

will achieved more supports especially if everything are more relying with specualtions.

[abel1337]

Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

Indeed, they are more engaged  with something that they are seeing in physical, more on the actual thing and  not

just by specualtions, those rich people who builds empires of businesses are not easily convinced that digital assets

will achieved more supports especially if everything are more relying with specualtions.

Some millionaires are attached to traditional business but actually, the top richest persons in the world mostly come from technology and digital business like Jeff Bezos, Elon Musk, and Mark Zuckerberg. Elon Musk climbed the top richest person in the world because of cryptocurrency. Real richest seize opportunities!

We can't blame those millionaires who don't like the concept of bitcoin/cryptocurrency. They will always believe in the way that makes them rich and we can't deny that it is more effective to them.

[nhaila]

Donald Trump and wren brafet dislike cryptocurrencies. Donald Trump said I don't like thin air cryptocurrencies which a scam . Some general people dislike cryptocurrencies because Bitcoin only use for illegal activities.

[Similificator]

There can be several reasons as to why millionaires such as the ones you have mentioned hate bitcoin but the things that pops first into my mind every time I encounter such a question are:

 1. They are traditional people - Traditional people only believes in the traditional ways of earning money which they have been studying and using all this time and have been able to prove for themselves the effectiveness. Hence, they only trust traditional ways that they can be sure enough to deliver good results and not see as a 50-50 gamble.

 2. Cyptos affect their businesses/source of income negatively - Now as we can see on the first reason, they have traditional ways of earning and some traditional ways can easily be affected negatively by this industry like banking, remittances and more.

 3. Personal hate for innovation(Complicated things that require a lot to comprehend fully) - Let's face it, lots of traditional people hate the thought of new things that require a huge amount of time and effort to understand. And being a businessman, the person's every move are naturally well calculated to have as much success rate as possible. Now with this industry having too many uncontrollable variables, it is almost impossible to get expected results in a hundred percent. Thus, makes traditional people hesitant to hateful.

There are more reasons out there but these are probably the most logical ones that I think of most of the time.

[BuNga_cute]

There can be several reasons as to why millionaires such as the ones you have mentioned hate bitcoin but the things that pops first into my mind every time I encounter such a question are:

 1. They are traditional people - Traditional people only believes in the traditional ways of earning money which they have been studying and using all this time and have been able to prove for themselves the effectiveness. Hence, they only trust traditional ways that they can be sure enough to deliver good results and not see as a 50-50 gamble.

 2. Cyptos affect their businesses/source of income negatively - Now as we can see on the first reason, they have traditional ways of earning and some traditional ways can easily be affected negatively by this industry like banking, remittances and more.

 3. Personal hate for innovation(Complicated things that require a lot to comprehend fully) - Let's face it, lots of traditional people hate the thought of new things that require a huge amount of time and effort to understand. And being a businessman, the person's every move are naturally well calculated to have as much success rate as possible. Now with this industry having too many uncontrollable variables, it is almost impossible to get expected results in a hundred percent. Thus, makes traditional people hesitant to hateful.

There are more reasons out there but these are probably the most logical ones that I think of most of the time.

Of the three points you have mentioned, I strongly agree, because most millionaires are old people, who find it difficult to accept new things.
They believe more in the traditional way they have done so far and prove that they can give them wealth. Even though the world has changed,
so has the way to make money. Now if we can't adapt to change, then with the passage of time will make us left behind. I think the millionaires
who hate Bitcoin will be replaced in the next few years, if they stick to how they make money the traditional way.

[dmamigo]

Millionaires with an orthodox mentality regarding finance usually do not like cryptocurrencies. I noticed that people who are into the stock market rarely like the crypto industry.
Also, the volatility and few people losing their money might be one of the reasons why they are pissed of with cryptos and the technology which they might not understand is making them go against cryptos so badly.

[Shenzou]

I think that the soul reason that these millionaires hate bitcoin is because they can't control it and can't really influence it since it is decentralized and not owned or controlled by governments or a specific party that can be influenced in anyway, and to these people all they invest in is stock market and if bitcoin and crypto rises up as the number one investment that will affect their investments and that is why they are against investing in it and they always say that it is bad.

[Fortify]

1. Warren Buffett doesn't understand technology
2. Donald Trump clearly said that Bitcoin is a risk to the USD
3. A lot of rich people(or people in general that aren't poor) think Bitcoin is unnecessary because they're privileged. They think Bitcoin is unnecessary because they're and their country is doing fine (at least as of now); completely ignoring other people living in communist and far more corrupt countries.

I feel a little bit of jealousy and envy comes into play with Warren Buffett. He derides stocks that he doesn't care to learn about and seems to be content being stuck in a timewarp. It is one thing to specialize in a certain area and he has done very well by sticking with his array of large companies for Berkshire Hathaway, but it is a bit sad to hear him and Charlie Munger deride stuff they don't understand. Bitcoin and cryptocurrency more generally is going to heavily impact Visa and American express - two companies that they have a large stake in, so there may be an ulterior motive to them talking badly about Bitcoin. They don't like that another technology could potentially undermine two of the biggest financial companies that they have a large stake in.

[jellylily]

Because they don't have Bitcoin in their hands. I don't want to exchange my wealth for Bitcoin. If you publish promising information, it may lead to currency appreciation. If it really rises, it needs to be bought at a higher price. What does it mean? His wealth was plundered!

[TastyChillySauce00]

some people just too comfortable making profit using the traditional currency that they are used to, not to mention the people you mentioned are group of old men.
the thing is, some millionaire always have this some kind of belief that they follow, warren buffet rarely believe in digital goods or any digital service, the main reason why he bought tech based company stocks very late in the game.
tbh i've seen quite many millionaires favour crypto as well but most of them stays under the radar, it's just the media keep repeating fud from someone like warren buffet a lot more.

[bitcoin-shine]

First of all, these people's perceptions are unlikely to be ignorant of BTC. We will find that the more disruptive something is, the more difficult it is to judge its value. The idea of decentralization is not only to subvert the financial field, it may also become the consensus of our future human beings. It is essentially a model of checks and balances of power, realized through technical means, and a new political model. , The so-called code is right. In the words of American historian Yuval Harari, this is the religion of the future, a religion of people who believe in algorithms. You will find that if you use any of the current ones, the value evaluation system will fail. But the future is unpredictable. The world's richest people obviously know this, and they can only judge its value through some current evaluation systems. It is not surprising to come to such a conclusion.