Why some millionaires hate Bitcoin?

[Zilon]

It's actually normal when a new technology emerge to see our world elders who has been schooled on a old fashioned pattern of livelyhood try to fight against technology. When technology began to emerge so many advanced people felt it was a sign that the world was going to end soon and had to avoid having anything to do with it. I am actually not surprised at all soon newer billionaires would Emer from the cryto Industry and this would help correct some wrong misconception about blockchain technology.

[Kittygalore]

Maybe because they don't exactly understand or grasp the concept of bitcoin because they find it too young and new and they have a hard time investing in something that don't exactly have a good chances of staying alive unless proven.

[xSkylarx]

The only reason I can think of why they hate bitcoin is they don't want to buy at the current price. They use their influence to say some bad stuff about bitcoin to bring the price down, then when their statement causes panic on the bitcoin market they will buy at that lower price. I don't think it is their age that they hate digital currencies.  I'm sure they know fiat can be easily printed while bitcoin has a limited amount of supply. Technology is evolving so they know what type of assets are good to invest with the current generation.

[taufik123]

The only reason I can think of why they hate bitcoin is they don't want to buy at the current price. They use their influence to say some bad stuff about bitcoin to bring the price down, then when their statement causes panic on the bitcoin market they will buy at that lower price. I don't think it is their age that they hate digital currencies.  I'm sure they know fiat can be easily printed while bitcoin has a limited amount of supply. Technology is evolving so they know what type of assets are good to invest with the current generation.

Millionaires don't really hate bitcoin, they just hate the exorbitant price of bitcoin right now. They make it sound like they hate bitcoin and spread a lot of FUD to lower the price of BTC. those who have a lot of money will be easy to manipulate the market. No one really hates Bitcoin or cryptocurrencies, Bitcoin is the future payment technology that will provide many advantages but also has some disadvantages.

[Maestro75]

The rich who hate Bitcoin are those who do not want wealth to rotate or get to the poor because that is part of what Bitcoin tends to do. Those who do not hate it are the true generous ones without pretense of being philanthropic in the public. Again, it can also be that they hate Bitcoin because they missed out buying when it was at its early stage and very cheap. It is a kind of regret thing for them.

[Fredomago]

It's actually normal when a new technology emerge to see our world elders who has been schooled on a old fashioned pattern of livelyhood try to fight against technology.

They don't want to embraced something that's new to them, what do you expect from people who already have a good status using the old-fashioned ways, they can't adopt as they'll stay with what they've already got.

When technology began to emerge so many advanced people felt it was a sign that the world was going to end soon and had to avoid having anything to do with it.

Expect that and many more opinions will flow around, there are people who will embrace it but there are more that will take time before realizing the worth.

I am actually not surprised at all soon newer billionaires would Emer from the cryto Industry and this would help correct some wrong misconception about blockchain technology.

Once they've seen the big potentials knowing that money will flow inside  those so-called haters will begin to collect this asset
and start bringing their money inside the market.

[South Park]

Billionaires or millionaires hate bitcoin or cryptocurrency because they know that exploring cryptocurrency is a big opportunity and they don't want some people to get rich in different ways towards what they have done to be a millionaire.
Donald Trump says that bitcoin is a scam because he knows that bitcoin can dominate USD, I don't know why he is afraid of bitcoin, instead of fudding why don't they don't join us.

Because they see the US dollar hegemony as their birthright, they have never lived in a world in which the US dollar had to compete on a fair level ground against other currencies, since WWII the US had a huge advantage over any other country and despite the huge inflation it went through because of the pandemic they are not worried about other fiat currencies, they are worried about bitcoin and with good reason as bitcoin actually has a chance to eventually become the top currency around the world taking the place of the US dollar.

[angrynerd88]

I think they just believe in only traditional old ways to make money and also a reason most millionaires unaware about latest technology they work done from their employees,Also they might not just like the thought of decentralized cash; they have been in a trade for so long, they circulate people's speculations for profit. Imagine individuals really owning their cash and not the banks  that's a tremendous danger to them.But finally at all the winners of futre are those who know about Bitcoin and know how to handle crypto market.

[Smartvirus]

One of the reasons I feel some millionaires hate bitcoin is because of the bitcoin success! Bitcoin defies all they've used to know amidst all odds against it and hit unimaginable market caps in just few years. It tends to surprise them and as such, they believe its not sustainable and in that instance, they forget times are changing rather rapidly. Some others see it more as a competition,  even if they are not in the same field of business, the growth rate becomes what they tend to compete about. Sadly,  bitcoin ain't about them, there company or any of the variables they look at. Bitcoin is just there for the people to use as they please and an easy life for the knowledgeable or those with the know how.

[carlfebz2]

The rich who hate Bitcoin are those who do not want wealth to rotate or get to the poor because that is part of what Bitcoin tends to do. Those who do not hate it are the true generous ones without pretense of being philanthropic in the public. Again, it can also be that they hate Bitcoin because they missed out buying when it was at its early stage and very cheap. It is a kind of regret thing for them.

When it comes to circulation then it isnt really that necessarily that if a wealthy person do buy then t hey are helping the poor because there would always be an inequality when it comes to that.

Rich could still accumulate as much as they can and without minding about into those people below who do earn less but the good thing is that even on smaller parts we can still make taste of Bitcoins greatness.

Rich people who do hate bitcoin are to those who dont have much idea on what it is but once they do realize then they might change up their mind directly.

[Tristan Bieber]

Because the higher up the list, the more politically correct the super-rich are. Because of the conflict of interest, Bitcoin is an upstart and a revolutionary, and the traditional super-rich are vested interests in the traditional financial sector. There is no reason to be extremely bullish. Perhaps some people secretly have a part of the configuration, but on the surface will not necessarily say.

[CoinFoxs]

The only answer to your question is that the rich people don’t have time to invest their amounts in currencies like bitcoin because their business is already going and they are earning billions of dollars from their businesses so they don’t take risk they only invest in their business to grow and expand. But bitcoin is future as many people become millionaires or billionaires from bitcoin, buy risky as well.

[Hannahanto]

Everyone has his/her dislikes you can't force someone into something he/she doesn't like is just simple.
Many of this millionaires feel they already have a lot of money and they envy many of this crypto investors deep down they alswmo want to have this freedom and invest but pride and shame won't let them so they put all effort to tag crypto as illegal currency or make a bad name for it even move to the extend of demanding ban for cryptocurrency. Many of this people wish to be like use

[LUCKMCFLY]

I think that the main reason is given due to their type of financial education, and particularly it has to do with people who are older adults, who only trust the stable, like Warren Buffet, Schiff, Donald Trump, they are people who have a financial education. very high, that they have had a lot of experience in the Stock Market and that they have signs of genius at times. At the moment they know Bitcoin they analyze that BTC does not have any support like Gold, diamonds, oil, it only depends on supply and demand, this is not enough for them, and if it is added that BTC is very unstable, volatility it is for them an enemy they draw conclusions due to their experience.

Of course this does not mean that they are right, they are human and they are wrong, a person who is a billionaire and who thinks differently from them because if he believes in Bitcoin he is Robert Kiyosaki, in this case he does believe, so all is not lost , the old school can still be saved.

[sapnu]

Simply because it has been an easy bridge for the past years for many to reach their level without putting the same level they exerted to get to that point. We cannot blame them actually, maybe at some point it hindered them from progressing more. Also, the amount of time they spent on studying and grinding just to earn that much was like thrown away due to the existence of crypto. Some millionaires take it as another opportunity while others see it as a threat. I think it would be best if they would just take advantage of it considering the wealth they hold and start investing on it to further more succeed.

[thecodebear]

1. Some rich people are old, and old people generally don't adopt new technology because they don't understand the need for it since they've lived almost a whole lifetime without it. Or they got rich on the stock market and they can't understand why new asset classes would emerge outside of the stock market. This is your Warren Buffet type person.

2. High up government officials and bankers don't like it because it takes away power from them / their system. So they feel it threatens the system that has made them powerful and rich. This is your Jamie Dimon type person.

3. Rich gold bugs don't like it because it will likely largely replace the monetary purpose of gold. This is your Peter Schiff type person.

4. Lots of people, rich or not, simply think that no publicly available investment can naturally grow in value like Bitcoin continues to do, so they naively think it's all gonna crash and burn eventually. This comes probably partially from not liking the fact that it's available to anyone, whereas the finance industry and government normally keep early stage investments tightly controlled in their availability only to those who are already rich, so they might not like that Bitcoin played outside the understood rule that only the rich are allowed in on great opportunities, but with Bitcoin is was out of left field and not restricted so basically just random people who were lucky enough to hear about it were the ones who got in on the ground floor the first half of last decade. It also comes from just a lack of education about what Bitcoin is and why it makes sense that it does naturally grow like no other publicly available asset ever has in the history of the world.

5. Finally, plenty of people, even the rich, simply don't do anything other than read headlines about Bitcoin. So again it's lack of education. They see headlines about about unnatural growth, big crashes and volatility, not being backed by anything, no intrinsic value, waste of power, hacks, can't spend it anywhere, slow, expensive, only for criminals, controlled by china...you know, you're usual assortment of years worth of badly written articles about Bitcoin by journalists who don't know the first thing about it. And plenty of people don't bother to look any deeper so it all looks like a big scheme.

[hornetsnest]

Some wealthy people have expressed their disdain towards Bitcoin. They believe Bitcoin is a scam or Ponzi scheme backed by nothing. Figures like Warren Buffet, and even Donald Trump himself believe Bitcoin is a sham. I'm surprised to see this, since Bitcoin brings many profit opportunities to its "hodlers". For some reason, millionaires (or billionaires) hate Bitcoin. They usually support Gold and Fiat, not wanting to try something new like crypto/Blockchain tech. Justin Sun tried to convince Warren Buffet to get into crypto a while ago, only to find that his efforts were in vain.

Thoughts?

What they say and what they believe are two different thangs 

[sherryDEFI]

Bill Gates and Warren Buffett and Elon Musk are two different kinds of people, although they are both rich. Bill Gates, we can call him "the ball guard", you see what he does with his wealth, whether it is to go to Africa to cure diseases or in the United States to enclose land to improve the soil environment, nothing but to their own power to delay or even improve the human on the earth has been on the verge of collapse of the living environment, to make the earth a better place. If you look at Elon Musk, we can call him a "ball pie", whether it's building cars or investing in Bitcoin, it's just a way for him to make money. He just wanted to amass the wealth to develop rocket technology so that he could aggressively push his plans to leave Earth and land on Mars. Musk has found that Bitcoin is the most efficient treasure bank in the history of mankind, and that by tying it to him, he can greatly advance his goal of landing on Mars, so he has put a strong stand on it. Bill Gates, on the other hand, believes that Bitcoin has no value for human beings. It can neither promote the development of science and technology nor improve the living environment of human beings. It only consumes a lot of resources, so he firmly stands on the bearish side. So they're opposites.

[Dhoe]

that's the trick of rich people, rich people play games like in drama stories, rich people also manipulate everything, in order to increase their wealth coffers, they say bitcoin scam, bitcoin ponzi even though they themselves store a lot of bitcoin, it belongs to people tactics like cheating weak, so he can collect bitcoin more freely.. hahahahaha..

[Mituletr]

I think it's because bitcoin is a relatively new concept that they have a difficult time wrapping their heads around. But they typically use fiat to make more fiat, introducing a crypto currency accepted globally undermines their purchasing power by taking away their fiat demand.