Why some millionaires hate Bitcoin?

[LimLims]

Millionaires are businessman , so they are always business minded people.
The only thing they think is how to make more and more money.
Hating Bitcoin is one of their strategy to make more money. I can cite the example of Elon Musk.
For his own profit, he became the Godfather of Dogecoin, and shared negative comments regarding BTC.
For this the price of DOGE increased(which he wanted) and BTC fell down.
Many other Businessmen, don’t understand how the crypto works, for which they don’t give damn care to the coin.
Hope this helps you better to understand OP.

[Rajamuda]

Not only rich people, basically everyone's views will certainly be different and it may depend on what they experience. Well, after all that's not the end of most people's assessment of bitcoin, there are still many who believe and other evidence that will really prove that the crypto world is not as bad as they think, there is still a positive side that can lead many people's beliefs.

[GreatArkansas]

I have also on my mind that they just hate it in public, like on some interviews with asking them what are their thoughts or opinion with Bitcoin and they ended up telling negative things on Bitcoin or not favor it, maybe they are just trying to create FUD and price of Bitcoin could dump and they can load their bags.

[Rruchi man]

Becoming someone who had a million bucks was a really big deal back then. Before one could get and own such an amount, he or she must have put in a lot of work, sometimes office hours to be able to realise such, but times have changed. Someone can easily make a million bucks from even the comfort of his home because of digital currency and trading it. This idea and concept has not sat well with many old tine millionaires who maybe hold the believe that Bitcoin and  other crypto currencies have made the millionaire status too easy to attain for the younger generation.

[capokmerah]

Those who insult Bitcoin certainly have their reasons. In my opinion, the most logical reason is that the wealth they get has absolutely nothing to do with Crypto, they are very comfortable with what they have, they don't want to be disturbed by their efforts in collecting their coffers of wealth and that's why they see bitcoin as threats that could prevent them from accumulating even more wealth.

[Dread Pirate Roberts]

They see bitcoin in terms of investing in traditional and old-fashioned goods. even though crypto is similar but not the same. it is not wrong that they have such tought like that. just like computers in the early 90's many people don't care and underestimate digital thing and computer but now everything is done with digital and computers. I think the future in bitcoin and crypto also will be like that.

[GeorgeJohn]

Cryptocurrency network or industry people understand it differently, And most times some rich people don't comprehend how Bitcoin in particular be regulated and i think that should be one of the major fear while they are against Bitcoin, But from my perspective it's an average person that like to establish or invest via cryptocurrency because they assume that cryptocurrency investment is valid.

While the rich people concept towards cryptocubutrrency especially Bitcoin is that Bitcoin is avenue or opportunity for them to be scammed, so comparing this scenario, it's a quite different from average person understanding or mentality towards Bitcoin and the rich person, i may likely say that rich people and some part of countries government is against cryptocurrency because they feel that Bitcoin is decentralized, And ask them while they dislike cryptocurrency, the answer will not be positive while? They prefer centralized business and Bitcoin is difficult for them to understand.

[KaliLinux]

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 agree with all you point especially number 3. I use to think to myself, why don't those rich guys that have the edge to buy up many Bitcoins when in a bear market and make even bigger profits in Bull usually don't do that? This point makes it more clear to me. Of cause , those that are still struggling and looking for an opportunity to make financial gains will definitely see Bitcoin as the best form of investment but the already rich wouldn't see this.

[zanezane]

They see bitcoin in terms of investing in traditional and old-fashioned goods. even though crypto is similar but not the same. it is not wrong that they have such tought like that. just like computers in the early 90's many people don't care and underestimate digital thing and computer but now everything is done with digital and computers. I think the future in bitcoin and crypto also will be like that.

I don't think that it's traditional and old-fashioned because this is a paradigm shift for investment and they are scared of it, the old millionaires hate bitcoin because they have an old-fashioned investment like stocks, bonds and real estate.

[ethereumhunter]

Those millionaires do not like to see other people become millionaires like them, so they hate and spread the news that bitcoin is a scam or Ponzi. But people tend not to care about that and those involved in bitcoin are still trying to make as many bitcoins as possible. We do not know if those millionaires have their agenda to possess many bitcoin because they have a lot of money and they can buy bitcoin at any price. We do not have to listen to what they said and we can still try to make more bitcoin.

[Sled]

Those millionaires do not like to see other people become millionaires like them, so they hate and spread the news that bitcoin is a scam or Ponzi. But people tend not to care about that and those involved in bitcoin are still trying to make as many bitcoins as possible. We do not know if those millionaires have their agenda to possess many bitcoin because they have a lot of money and they can buy bitcoin at any price. We do not have to listen to what they said and we can still try to make more bitcoin.

They love the old fiat system where they can use their money and manipulate the minds of poor people. Actually, they are more corrupt than the government.

They can't do this to Bitcoin, they can never take advantage of the market which is very unlikely with what they did to fiat.
And aside from a lack of knowledge of crypto, it was also a lack of interest in the new system. To hate to say but it is really hard to change their mind.

[irsada]

I think they have missed the lowest price of bitcoin, so to invest now they are afraid of the risk they are taking, then spread the fud news about bitcoin.
although they are already millionaires by now, but I believe their instincts are against what they say.

[LogitechMouse]

1. Warren Buffett doesn't understand technology

Not only him but most of the millionaires or most of the old millionaires don't understand the technology behind it thus, they are just saying negative things to it or at least they will show to the public that they hate Bitcoin.

There are some millionaires that are in partnership with the banks right now and you know the connection between the banks and the crypto . One thing more that I'm seeing why they hate is the fact that they don't want average people to become rich or in short, they are selfish which is I think they really are.

When there are some millionaires that are hating it, there are some who are supporting it and we saw many institutions supporting it. The twist here is that there might be some millionaires out there who hate Bitcoin are secretly buying it . We don't know though but I believe there are some.

[barabarian1]

maybe, the simple reason is bitcoin give you more and more profit than haters. hater, give their sweat to work, than paid. they give more idea to develop their job, success with much time. and there are people, just invest in bitcoin on right time, take big profit in short time. it just opinion.
people who dont understand crypto will said that 'you cant make money from this stuff'

[ropyu1978]

It is undeniable that bitcoin has given a new atmosphere in our lives, no matter how good we are, there will definitely be people who hate us, and vice versa, no matter how bad we are there must be those who support us. , as with bitcoin, many people have become rich, and can change the economy of their families, but still there are those who hate bitcoin..

[Slow death]

Millionaires are people who have strong ties with banks and governments and with centralized businesses who need political support to make the business flow as it should, Is a carefully controlled system that involves several actors as I said, now imagine that bitcoin enters something decentralized system that allows anyone anonymous to be rich and move money outside the system of the rich? of course the rich wouldn't be happy to see something they can't control, ask yourself; how many people became rich thanks to bitcoin? The answer is easy: no one knows precisely or even guessing. but ask yourself: how many rich people are there in country Z? easily the government of country Z can have access to this answer

[ILuckyGuyI]

Especially old people don't understand Bitcoin and they are afraid of it. Some old millionaires are also one of those people. They wouldn't like their investments into fiat devaluate because of Bitcoin also.

[genolica]

Technology is what hinders them or makes them think twice. Unlike paper money which is used obviously globally, it opens doors for serious risks, scamming, and other potential dangers that could harm the economy of a nation. They stick to the classic or fundamentals. It is just like when Mark Zuckerburg of Facebook was questioned in court by some "boomer" authorities and threw some newbie questions about how the system of advertisements and privacy in Facebook works. Bitcoin or any other digital cryptocurrency could be seen as a posed threat to economical currencies like US dollars, mainly.

[ziennakarishma21]

Maybe those people don't understand the value of Bitcoin or people are too rich and don't care about it, but today Bitcoin is proving more and more valuable so in the near future it is very likely that the Millionaires will see Bitcoin as a reliable investment.

[Dhoe]

why billionaires hate bitcoin, the answer Maybe billionaires are too close to the government, and all the projects they will do are always supported by the government, sometimes there are also big projects that are directly given by the government to billionaires, so you could say some millionaires have to submit to the government.