Why some millionaires hate Bitcoin?

[Chato1977]

do they really hate bitcoin ? or they don't have idea and belief about this? because the term Hate must have something where if coming from and why would they hate a currency that does not affecting them at all cost?
unless they are once to be investor and lose in this market then maybe they have reason to hate this because of their own mistakes.

[Sanugarid]

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?

I think it's because BTC is just a speculative asset and there's no real value which makes it an unproductive asset. Moreover, the government has no authority over it thus it's not backed up by the government, and no certainty whether it will be a popular investment in the future.

[Spack17]

These millionaires get angry at Bitcoin because nearly all of these millionaires are investing into only gold and fiat currencies. As a result, they don't want to see their investments losing value in the future. Because there is a possibility for Bitcoin to reach really incredible levels and even leave behind one of these assets at least. I think that this could be one of the main reasons.

[geegaw]

These millionaires get angry at Bitcoin because nearly all of these millionaires are investing into only gold and fiat currencies. As a result, they don't want to see their investments losing value in the future. Because there is a possibility for Bitcoin to reach really incredible levels and even leave behind one of these assets at least. I think that this could be one of the main reasons.

I disagree, the value of fiat money as well as gold will not decrease much in the future, it can be said that the future is the sky of these investments when the needs and initiatives of the next generations are relatively higher due to the improved environment, through which social development and investment trends are also better seen, as a result, investments will tend to increase no matter how much or little. In fact, millionaires are also members of the future, so the percentage of them hating bitcoin will not be high and this could be slander.

[qwertyup23]

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?

Most millionaires do believe in the traditional type of investment- which is either purchasing stocks or gold on the market. Since most of these investors got their wealth from a relatively risky method, some do not approve of investing into an instrument which is highly volatile (cryptocurrencies).

Though this may be the case, some big investors are jumping on the ship as they expressed their interest towards cryptocurrencies. Imagine a millionaire purchasing several hundreds of BTC. The slightest increase/decrease on its price means gain or loss of millions of $$$ on their part.

[syedakhlaque]

It is possible that some millionaires hate bitcoin but not all. The millionaires who are in touch with advance technology or have knowledge about IT, E-commerce is utilizing and making money through Bitcoin.

The majority of the world population is based on poor people. And BTC is a flash of hope and a source of income and employment for middle-class and poor people.

After legalization development in many countries, its network is spreading. And the millionaires cannot block the flow of digital currency.

[bandungan]

the answer is simple. why do billionaires hate bitcoin if there is no specific purpose? I think it has something to do with the billionaire business being disrupted by bitcoin. If bitcoin has a positive impact on the billionaire business I don't think billionaires will hate bitcoin, maybe billionaires will support bitcoin because the assets of billionaires are enough to shock the bitcoin market.

[Pom_bensin]

How people portray cryptocurrencies like bitcoins depends upon their own level of understanding. Some think they will replace the fiat currency very soon while others think they won’t even last in the next few decades. It all depends on the person and his understanding.

but the understanding of billionaires like warren buffet can create a shock in the crypto market. the public should not raise too much the issue of billionaires hating bitcoin because it would undermine public confidence. this kind of understanding must be completely lost in order for bitcoin to continue to run in the crypto market.

[Pulsar77]

They hate Bitcoin because they are afraid of being in a big loss in gold or fiat in the long run. And the reason to hate is different for some of them also. They don't have much knowledge about Bitcoin as it is completely new for people who are accustomed to using fiat currencies a lot. But they know also that they can increase their knowledge about it. But rather than that, they choose to antagonize Bitcoin.

[Desmong]

How can Donald Trump how me if i am broke. No body cares about whether you eat or not but you need to focus and do what makes you happy. Even though all the big investors decided to leave Bitcoin or work against it, I will be happy to continuing investing in it cause I don't think anyone of them can really help the current situation of economy now where masses are still complaining of lack of money to finance the activities.

[milewilda]

They hate Bitcoin because they are afraid of being in a big loss in gold or fiat in the long run. And the reason to hate is different for some of them also. They don't have much knowledge about Bitcoin as it is completely new for people who are accustomed to using fiat currencies a lot. But they know also that they can increase their knowledge about it. But rather than that, they choose to antagonize Bitcoin.

We cant really deny that there are millionaires which are really careless in terms of their finances but its really hard to believe on that they arent aware with the risk involved since they wont really be reaching out
that kind of status if they werent really that good in terms of business or investment but cant really be surprised because they've been dealing with crypto market which simply shows up on how
unpredictable the market is.When you do lose up money because of volatility then this doesnt matter if you are a millionaire or just an average investor.You would really be having that rage or anger
in emotion when you do lost which i do consider for it to be normal.

[tabas]

I think they hate bitcoin is because they feel comfortable with the existing system,

They do and they don't want to embrace the underlying new technology with bitcoin and they just can't cope and accept it.

when there are new changes that threaten their business of course this is a big problem if not now then later, when they approve bitcoin then automatically many things they can't do such as control and manipulation.

Yes, if there's a threat to their business, they'll talk negatively and hate bitcoin but if there's none, just as usual business day for them.

[chichigirl]

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 bitcoinnis not their usual way of making money unlike with their usual businesses and in fact they cannot control bitcoin unlike with their business they have some control.

They only have the control over their investment thats all but with bitcoin thing,  they dont have any power to hold the price of bitcoin.

[Nutrient]

Well, some of these people don’t just hate Bitcoin. They don’t understand the intricacies of Bitcoin and also they believe the market is too volatile. This, in my opinion is why some of them avoid it.

[IamWealth]

I don’t think hate is the right word. That’s a strong word. In my opinion, I think they are against Bitcoin which may be due to certain reasons like not having a full knowledge of Bitcoin, this reason alone makes them uncertain and they understand that lack of knowledge in that field will cost them a whole lot of money. This might be one of the reasons.

[oktana]

Maybe they don't want others to get rich? Because I really don't understand why a rich person will hate Bitcoin. Or maybe they actually hate it because they have a wrong idea about it. Anyways Justin Sun went too far stressing himself to convince someone else about Bitcoin. It makes no sense to convince anybody; if they don't want it, forget it.

[rozak]

Maybe they don't want others to get rich? Because I really don't understand why a rich person will hate Bitcoin. Or maybe they actually hate it because they have a wrong idea about it. Anyways Justin Sun went too far stressing himself to convince someone else about Bitcoin. It makes no sense to convince anybody; if they don't want it, forget it.

it's because they (rich people) can become poor because of bitcoin or crypto.
they have money to live. but they are afraid to lose their money. it's because they can't learn about bitcoin and crypto.
when a person lacks knowledge and skills. they will feel less confident. it could cost them their money.
but I'm sure it only applies to some people. because many rich people have started to enter the crypto market. it's because they don't work and want their money to work for them.

[juliepower]

I don't know what is the reason behind hate Bitcoin but I don't think so that millionaires have problem.May be some millionaires have negative view and hate Bitcoin or may be trust issues. Even millionaires have more power to buy Bitcoin, invest in market,earn more they don't afraid to lose money after all they are millionaires.

[Assface16678]

It's obvious, bitcoin is the next big thing, the digital gold for this decade so most of the millionaires doesn't have the knowledge on how to make money out of the bitcoin market. They are still in the old and traditional way of investing in stocks with small risk. Unlike in bitcoin wherein there is so much volatility that these old investors are not used to, so they would rather put their money on safe haven like gold and then hate bitcoin itself.

Exactly, another additional to this statement its that the fast growth of crypto currencies many of them are not capable of going with the flow. I consider Age and commitment to what ever they are doing that kept them behind and as a results they tend not to favor this new technology. Hence, resulting for them to only hate it.

[Abiky]

Most millionaires do believe in the traditional type of investment- which is either purchasing stocks or gold on the market. Since most of these investors got their wealth from a relatively risky method, some do not approve of investing into an instrument which is highly volatile (cryptocurrencies).

Though this may be the case, some big investors are jumping on the ship as they expressed their interest towards cryptocurrencies. Imagine a millionaire purchasing several hundreds of BTC. The slightest increase/decrease on its price means gain or loss of millions of $$$ on their part.

Either some millionaires hate Bitcoin or they just don't understand how it works. The vast majority of wealthy people are against Bitcoin, because they believe it's a scam or a fraud. Warren Buffet and Donald Trump already expressed their disdain towards Bitcoin. They're missing a huge opportunity for profit as Bitcoin continues to soar towards new ATHs. The fact that Bitcoin is scarce and decentralized, should be more than a strong reason for anyone to invest into it for the long haul.

At least, there are some millionaires putting their money and faith into Bitcoin. Elon Musk and Mark Cuban have joined the crypto/Blockchain craze. Not everyone will find Bitcoin as an attractive investment, because of its widely unpredictable nature. The constant fluctuations in price, makes people think twice before relying on Bitcoin as a long term investment. What matters is that Bitcoin stays decentralized and censorship-resistant. As long as there are loyal supporters behind the project, there should be nothing to worry about. Just my thoughts