Why some millionaires hate Bitcoin?

[Abiky]

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?

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[mk4]

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.

[herurist]

I'm just a simple speculation as someone who doesn't have any important role in my community. to me the reason that they hate Bitcoin, is because they don't want other people like ordinary people to have the opportunity to become millionaires in the simple step of owning Bitcoin. hasn't it been proven that since the existence of Bitcoin many new millions have sprung up and it has threatened their position as the richest people.

maybe the reasons I say can't be agreed, but for me Bitcoin has given a new atmosphere in our finances until now.

[mk4]

to me the reason that they hate Bitcoin, is because they don't want other people like ordinary people to have the opportunity to become millionaires in the simple step of owning Bitcoin. hasn't it been proven that since the existence of Bitcoin many new millions have sprung up and it has threatened their position as the richest people.

This is really not it. It's not like retail investors getting rich would make the current millionaires any less rich. If anything, rich people(who are most definitely business owners, regardless if direct business owners or just public shareholders), would far prefer other people to earn more money as to potentially increase revenue on their businesses. The last thing you'd want as a business owner is people getting poor.

[Baofeng]

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.

[Alert31]

I think those wealthy people doesn't want to see other people that also become rich through bitcoin that's why they hate bitcoin but I don't think that they didn't invest in bitcoin because many Billionaires and millionaires are also bitcoin investors. Another reason that I think why they hate bitcoin, maybe they lost huge amount of money by wrong investment in cryptocurrency. Also, Cryptocurrency has no backing entity, and no certainty unlike in gold and real asset which I think also the reasons why millionaires dislike bitcoin.

[Obito]

Probably because it gives financial freedom to the people which is problematic for some millionaires because they rely on people depending on them so bitcoin essentially takes away that dependence which in turn makes for low sales for the millionaires which is bad for the business.

[mk4]

Another reason that I think why they hate bitcoin, maybe they lost huge amount of money by wrong investment in cryptocurrency.

When we're talking about actual investors and venture capitalists, then that's an easy no. If anything, they're actually the ones dumping on the altcoin investors lol. Those people actually gets access to certain coins and tokens even before they undergo the ICO process; which is mostly a far far cheaper price.

[seoincorporation]

Some millionaires hate bitcoin because its a decentralized coin, and they hate things where they can't have full control. Another fact they hate is the high volatility, Is nice when that volatility brings huge profit, but is a big pain if the coin price drops and the investment was huge.

Another reason for them to hate is because a lot of people recommend them to invest in bitcoin and they never believe in the now, and now when they see how high it comes then that means they lose the best opportunity of their lives to make tons of money.

[NeuroticFish]

Thoughts?

Being millionaire doesn't necessarily mean somebody is smart, understand tech and want common good.
Many are too old to understand Bitcoin.
Many have businesses related to banking system or gold, hence they'll be against Bitcoin.
Many trust kinda blindly on what other rich people (usually tied to central banks) told them.

Bitcoin markets are unregulated or poorly regulated and many will either fear that, either come against that.
Bitcoin is pretty easy to steal if somebody doesn't have the patience to learn about how to keep it safely.
Bitcoin allows tax evasion, allows hiding dirty money and so on.
Bitcoin is not perfect and some of these guys will not accept anything less perfect (as they understand that) than the banking system they already know and trust.

But don't worry. All these problems are temporary. We just need to go on. More and more people find the benefits of Bitcoin by every day passing by.

[dkbit98]

I don't know why some millionaires hate bananas or oranges but most of them are old skeletons who think they know everything best, they are stubborn, corrupted
and they made most of their wealth with fiat system so they don't want to change that system.
There are probably more reasons for this but many of them like Trump probably thinks that Bitcoin is a scam currency that is competing with us dollar.
They can't have full control over Bitcoin (even if they can affect Bitcoin price), and rich people want to control everything, just like Rockefeller's favorite phrase say: Own Nothing, But Control Everything.

[terrorJR]

maybe their business sector is getting quieter because many investors are starting to see Bitcoin as one of the great potentials that will provide greater guarantees. Apart from that, for me, Trump just joined in to stoke the atmosphere, because he almost drowned in some media. and he knew the potential of Bitcoin was being talked about so he tried to poke Bitcoin into the limelight. We all know that after Biden's inauguration, Trump was not widely exposed in the international media.
As for Warren Buffet, it was clear he was anti-Bitcoin from the start.

[fiulpro]

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?

Few of the reasons I can think of :
1. They do not want people to become rich suddenly, Bitcoins is mainly redistributing the wealth in the whole world and that's why some people are very happy but many are sad too. Which is absurd, finally something that is making the economic gap smaller
2. Some of the millionaires woked hard for every penny and worked on their slow and stable Investments so no billionaires think it's crazy to take such risk, plus for them investing in gold and land is the only thing that might work. Mainly people who are older have such thoughts and at the end they influence the whole public by such things, but they should understand that no one has such money to start our with, with BTC you can even invest 1$!! There is no limits, no caps !

[swiftbits]

They might not like the idea of decentralized money; they have been in a business for so long, they circulate people's investments for profit.
Imagine people actually owning their money and not the banks; that's a huge threat to them.

[sheenshane]

1. Warren Buffett doesn't understand technology

That's exactly what I say because for him, the concept of this Blockchain technology is not easy for him to understand and it seems he has this principle of "to see is to believe", we know Bitcoin was working through code and algorithm and backed with math principles, it means it's a fully digital currency and thinks that this Bitcoin was an unproductive asset not like stocks considering its a productive asset.

In other rich people's minds, they only invest what they know.  Because they think that volatility + risk is disagreeable for them to put and trust their money.  They're surrounded by the hype and that's probably they afraid to invest in Bitcoin and thinking that it's easy to manipulate the price.

But who knows, they secretly invested in Bitcoin without knowing the public.

[DeathAngel]

The elite don’t want anybody raining down on their parade. It’s a closed shop, they don’t want the poor making money. Bitcoin takes the power away from them but there’s nothing they can do about it. Keep stacking those sats.

[dothebeats]

I remember Donald Trump stating that bitcoin is a threat to USD and its current state, so there's that. He believes that bitcoin is just a sham and asks people to stay away from it because it is and will never be better than the USD on many things. Whereas Warren Buffett already built his empire before the advent of technology, and believes that anything existing within the digital realm is just a fad that will eventually go away. Things with value must be tangible, and Buffett cannot wrap his head around valuation stemming from the fact that people simply believe something is worth anything at all, even if it only exists digitally.

[The Cryptovator]

I second that said by mk4 in the first reply. My thought is there is a lack of knowledge about cryptocurrency how it works and that's why a few millionaires or Billionaires don't like cryptocurrency and consider as Ponzi. If they know the technology behind cryptocurrency then it shouldn't call as a Ponzi Scheme at all. On the other hand, most millionaires are involved with the centralized organization from where they are making millions, so they don't want to move in a decentralized currency where they can't keep role themselves to manipulate or making money. They know Bitcoin would be a good investment, but they don't have faith in it. Because many people become a millionaire from cryptocurrency, so it's open for all and aware of it. Nothing secret in a decentralized cryptocurrency.

[BlackHatCoiner]

If they know the technology behind cryptocurrency then it shouldn't call as a Ponzi Scheme at all.

I believe they do, but even if they don't, why does it matter? Haven't they read how Bitcoin works theoretically? I think it's pretty obvious that they hate it, because Bitcoin is not towards their willings. In other words, it's an obstacle to them from making more fiat. They have to either play by the rules or accept its future and the damage it'll bring to fiat.

You should see it otherwise. Right now there are two types of billionaires; the obsessed ones with Bitcoin and the ones that hate it. The first ones play by the rules while the second, just hate its existence.

[pjvperes]

People from government, as Donald Trump, hate Bitcoin because it can limit their monetary police influence.

Rich people don't like Bitcoin becuase they don't understand it, and that's why they distrust bitcoin and its exponential growth.