Why some millionaires hate Bitcoin?

[hatshepsut93]

Millionaires are people too, they can have their own opinions. There's no single reasons why some millionaires hate Bitcoin just because they are millionaires. Think about all the reasons why someone might hate Bitcoin - enviromental FUD, worrying for fiat system, devotion to gold and stocks, etc. - this all can apply to a person regardless of their social status.

[haidil]

they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin

[topbitcoin]

My personal opinion maybe have 2 reason, they already have their assets like fiat, stocks or maybe anything else that can be threaten if people change their investment to bitcoin, or maybe they see bitcoin price can be increased after dump happen, they already hold or want to buy in cheaper price, only them who know about it. But it is not enough to make bitcoin dumped a lot like when it is started.

[Fredomago]

they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin

maybe also they are jealous to those who managed to earned big from this industry, they don't want to take the risk but instead they are criticizing this venue of investment.

Rich people like them already have it all, and they have their own principles and already have their own venue of investment, why bother taking their call right? there's nothing good that will come out from their opinion, let them think whatever they want.

Don't be bothered as this venue of investment open its door to every believers that will take their steps. Keep it up!

[Mahanton]

Do you really think that they do hate out Bitcoin honestly? You wouldnt know that out of those negative words spit out into their mouth I wont be surprised if they are actually accumulating behind the curtains.
No one can really prove out that they do really hate it up neither those are true intentions or just simply some show off to make look themselves that they do actually hate it.
Really hard to believe on what these big whales or popular person been saying because every action would have corresponding intention attached to it.

[MinoRaiola]

I think it's envy.
These wealthy want to be among themselves and not lose power, but control even more. Social media also makes a big contribution, especially with millionaires. It's not directly about money, but definitely about power.

[Renampun]

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?

because they don't understand Bitcoin that's why they hate it...

those who hate Bitcoin will definitely not like decentralization and transparency. for example warren buffet, actually the reason he hates Bitcoin is really unclear until now, if he connects Bitcoin with a Ponzi scheme then how does he explain how stocks work!

[adzino]

they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin

Lol, millionaires even if they have "abundant" money, they will always want to make more. They use their money to make more money. Maybe they show that they hate bitcoin, but they actually don't? They spread FUDs so that the market tanks and then they can buy at the dip and make more profit when the price rises. After all, its easy for them to take such kind of risks!

-snip-
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.

Lol, why even bother listening to this dumb ass?

[Ryker1]

Well, just a simple word to answer this question.
Just because they don't know what is Blockchain and how bitcoin will work, they always believe in physical investments like stock or gold because they can able to monitor it by its physical information such as include the value. But we should not generalize this question, because there are other millionaires who believe in bitcoin and investing in it despite knowing that they are lack knowledge of it.
Perhaps, --the decentralized nature of all cryptocurrencies is the most major reason why rich people avoided this kind of investment and it could be they heard a lot of criticism.

[Expecto]

Donald Trump hates Bitcoin because he thinks that Bitcoin has the potential to damage US dollar. If he was the president right now, I'm very sure that he would even impose a ban on cryptocurrencies like Chinese government has done already.  

[tabas]

They lack understanding of bitcoin.

Donald Trump hates Bitcoin because he thinks that Bitcoin has the potential to damage US dollar. If he was the president right now, I'm very sure that he would even impose a ban on cryptocurrencies like Chinese government has done already. 

That's true, he sees that bitcoin is a threat to USD and thinks that it will eventually destroy not just the US markets but as well as it's economy. But he doesn't understand it, instead, bitcoin will eventually help people to avoid inflation from the USD.

[S4VV4S]

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?

They don't want to join Bitcoin, but they are afraid that if people get rich because of bitcoin, some of them also don't know about technology. For a trump he fears Bitcoin will go big and affect the value of the usd. However, no matter how much they hate bitcoin, they can't prohibit the existence of bitcoin at this time

[Luqman]

Maybe it relates to a personal feeling. In fact, many Millionaires also like Bitcoin, BTC can really make high profits to earn money, a worthy investment, and a promising future. However, some of them don't show up about their likes of Bitcoin, maybe because of some reasons.
however, if somebody doesn't like BTC itself, maybe because he doesn't like the system and the decentralization. Or maybe he is feeling that he has more competitors as a millionaire?
 

[Reosta_]

Decentralization is still seeming scary for many people. Some millionaires are also in this group of people. They are too adhered to the traditional money that they don't even want to see the new technologies and the future.

[MCobian]

There are many reasons why millionaires hate Bitcoin, one of which may be because some millionaires support the banking system. So with Bitcoin
being decentralized and considered a threat to the banking system, made some millionaires hate Bitcoin and spread negativity about Bitcoin.
Actually in this world it is impossible to make everyone like Bitcoin, because we really have to admit there will always be Bitcoin haters popping up.
And everyone is free to choose to be a Bitcoin supporter or a Bitcoin hater, because there should be no coercion everyone has to like Bitcoin.

[CryptoStar19]

Bitcoin is the great economic equalizer no one expected... anytime there is an economic equalizing force, all the powers that already be, will be against it... this is because the powers that be got their wealth and power at the expense of most.

[just_Alice]

It's not about wealthy people, it's rather about people in general. Many people are prejudice about Bitcoin and other cryptocurrencies, we just don't know and hear about that, because they're not public figures.
Also, you should consider political and business-related aspects. So for Trump as a president, the spread of Bitcoin wasn't something desired, obviously, because it questions the whole fiat system, and Warren Buffett deals with something much more old story: banks, insurances, it's not surprising he's not willing to go for something so novel and cutting-edge as crypto.

[nightxglow]

Maybe it's probably because they don't understand about bitcoin yet, and only know it as something intangible that is really volatile and able to produce many new millionaires. Those millionaires usually earned their money through hard work, and because of that they don't accept things like easy money, and for some people bitcoin is easy money, you just need to be patient, keep holding and gain a lot of profits.
But well, it's okay although they don't support bitcoin, as long as they don't do bad things or harm bitcoin names, i guess they are fine.

[cabron]

The more they are going to hate BTC when the price goes up more and countries adopt it just like El Salvador. But these millionaires are the ones who can disregard the Bitcoin economy. 

Maybe it's probably because they don't understand about bitcoin yet, and only know it as something intangible that is really volatile and able to produce many new millionaires. Those millionaires usually earned their money through hard work, and because of that they don't accept things like easy money, and for some people bitcoin is easy money, you just need to be patient, keep holding and gain a lot of profits.
But well, it's okay although they don't support bitcoin, as long as they don't do bad things or harm bitcoin names, i guess they are fine.

Not understanding Bitcoin is not the reason to hate. But I think because they seem to be too late to get into Bitcoin. If they could turn back the time when the price is very affordable, they will do it. Unfortunately, they can't and they are going to be forced to buy at a high rate if they will. It makes them irrelevant in terms of finance in the coming years.

[TravelMug]

Maybe those millionaires thought they know about everything specially investing. And since BTC is very volatile, they obviously don't like it. On the contrary, there are people, early bagholders of BTC who become millionaire as well. So every argument you hear about millionaires or even anti-bitcoiners have flaw because BTC has shows that many individual can get rich thru BTC.